Tesco has agreed the sale of Dobbies Garden Centres to a group led by Midlothian Capital Partners and Hattington Capital.
The garden centres were bought in 2007 and were sold for a total of £217m in cash to the group.
Dobbies is the second largest specialist garden retailer in the UK, with 35 centres in Scotland, England and Northern Ireland.
Simon Quinton Smith of specialist agency Quinton Edwards said: “The purchase by this new group is good for the garden centre industry, good for suppliers and will allow greater competition and more investment in the sector.”
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