Shareholding bought from Laxey
Entrepreneur Tom Hunter has bought a 15 per cent stake in garden centre group Wyevale and hopes to mount a bid for the retailer.

Hunter bought his shareholding from hedge fund Laxey, the rebel investor that was engaged in a battle with Wyevale's board for most of last year. He intends also to acquire the rest of Laxey's holding, which would give him 28.6 per cent in total.

The shares changed hands at 555p, prompting speculation that an offer would be made at that price or similar.

Wyevale said in a statement that it would 'co-operate with West Coast Capital in making due diligence materials available' but warned there could be no certainty that an offer would be forthcoming.

Seymour Pierce analyst Richard Ratner said: 'The question is whether 555p is enough. In our view, it is a bit low, given the potential for the company to double profits over the next four years should [new chairman] Jim Hodkinson and his team get a chance to show their mettle.'