Findel is selling wedding planning website
Confetti and gifts and gadgets etailer I
Want One Of Those (IWOOT) and has already stated the two
businesses as “terminated operations” in its 2010 accounts.
Losses at the multititle catalogue, healthcare and educational
supplies firm increased by 33 percent in the year to 2nd April.
Pretax loss was up from £57.4 million last year, to
£76.1 million in 2010. Meanwhile, sales from continuing
operations fell 4 percent to £547 million, compared with
£572.1 million in 2009-a figure that was restated after
Findel uncovered accounting discrepancies in its educational
supplies division.
The group attributes the sales decline entirely to the
performance of the education supplies division, where sales
reduced by 15 percent during the year. Sales at its home shopping
division remained flat at £345.1 million, but were
significantly boosted by the strong performance of sporting goods
etailer Kitbag, where sales grew by 34 percent
largely thanks to a contract with Everton Football
Club.
In related news, Findel has renegotiated its financing facilities
and entered into agreements for the provision of the amended
credit facilities that stand for 18 months.
Share