Holland & Barrett is eyeing a rescue bid for food and personal care retailer Planet Organic, which is teetering on the edge of collapse, according to reports.

Planet Organic, which was founded in 1995, has reportedly been working with Interpath on a review of its strategic options following financial hardship since early this year.

The health food chain, which is owned by investment group LetterOne, is among a handful of parties interested in buying parts of Planet Organic, Sky News has learned.

Sources familiar with the matter told the news service that Holland & Barrett is more interested in targeting acquisition of the brand and its intellectual property instead of its 13-store portfolio.

The move comes after Planet Organic’s chief executive George Dymond reportedly told staff that the company’s level of sales had not returned to pre-pandemic levels.

“While we have taken every possible action to improve our position, including additional investment from our existing shareholders, we have so far been unsuccessful in raising sufficient funds needed to support the business and the growth plan,” Dymond said, as reported by Sky News.

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