Dobbies, the garden centre chain owned by Tesco, has posted an annual loss of £48m after writing down the value of its stores.
The group said sales rose by 7.7%, to £152m, in the 53 weeks to 1 March. However, it had to write down the value of its property portfolio, as well as intangible assets, leading to an impairment charge of £54.4m.
In the previous year, Dobbies - which operates 35 UK stores - posted a profit of £6.7m.