Entrepreneurs sell garden venture for £5m

The co-founders of the UK's Ideal World home shopping business claimed another success today after unveiling a £5m (€5.6m) takeover of their plant and garden equipment retail venture – just two years after they set it up.

Paul Wright and Valerie Kaye have agreed the deal with Ideal Shopping Direct, the company they set up nearly 30 years ago and in which they still hold a combined shareholding of 29%. The pair left the board of Ideal Shopping, owner of the Ideal World television channel, in 2007.

Their subsequent venture, Lead The Good Life, generated turnover of almost £6m (€6.7m) and pre-tax profits in £730,000 (€817,000) in the 17 months since its launch in January 2008. The business, which trades as Gardenbargains.com, specialises in the mail order and web sale of plants and garden equipment.

Ideal Shopping said the acquisition boosted its leisure product category and provided seasonal balance against its Christmas peak trading period.

It is paying £750,000 (€839400) in cash and the rest of the £5m (€5.6m) in shares, with a further £2.2m (€2.5m) in shares dependent on performance. The deal, which is subject to shareholder approval, could see the stake of the co-founders and related parties rise to more than 40%.

More in this Section

Workvivo wants to ‘build sense of community in workplace’Workvivo wants to ‘build sense of community in workplace’

Airbus cuts production by third due to Covid-19 pandemicAirbus cuts production by third due to Covid-19 pandemic

Shares in insurance firms hit hardShares in insurance firms hit hard

Euro falls as finance ministers reach impasse on shouldering huge Covid-19 burdenEuro falls as finance ministers reach impasse on shouldering huge Covid-19 burden


Junior Cert and Leaving Cert students mustn’t be forced to go through the motions with state exams, and we need creative thinking to find alternatives fast, writes mother and educator Ellie O’Byrne.Policy fail? Insistence that state exams go ahead in June is glib and ignorant

Yes, we all need to stay at home but that doesn't mean your children have to be bored, says Michelle McGlynnWorld of wonder: What to do with the children outdoors

Over the next three weeks, I am going to outline how you can support yourself and your family over this period of lockdown, writes Richard Hogan.Learning Points: Keeping children on a healthy and happy regime

As we are settling into our new routines of self isolation, staying at home and home schooling it feels that a whole new set of pressures is coming down the tracks.Mum's The Word: Pressure to be productive in a world of online classes

More From The Irish Examiner