Home shopping, educational products and healthcare supplies group
Findel says it’s looking to raise £80 million to fund
operational improvements and pay down debt. It plans to use
£35 million on improvements across its business, including a
major systems upgrade at its catalogue division Express Gifts,
and supply chain improvements at its educational supplies arm.
Approximately £40 million will be used to pay back major
lenders and reduce debts.
In the coming months, Findel is adopting a “more prudent
approach” after it emerged that profits of £3 million
may not be included in this year’s financial results. A major
international contract and other, smaller contracts in the
education division have been delayed and may not be awarded until
the next financial year, impacting on this year’s profit levels.
Further, non-trading-related items, such as property gains and
pensions, are expected to reduce the outturn for the year by an
additional £4 million.
Nevertheless, the turnaround at Findel is starting to show
improvements. In November it announced that losses had narrowed
from £22.7 million in the first half of 2009 to £15.5
million in the 26 weeks ended 1st October.
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