Multi title mailer Flying Brands saw its first-half
profits shrivel by more than half, from £2.7 million last
year to £1.2 million. Sales fell 5 per cent, to £18.9
million. The company said that lower sales and higher costs at
its Gardening Direct brand was responsible for most of the
decline. The company also announced that it will terminate its
licensing of the Sarah Raven’s Kitchen and Garden
catalogue in October “because we could not derive enough
value out of this partnership”.
Screwfix and B&Q parent company Kingfisher
sold its Italian DIY retail chain, Castorama, for
£440 million to French retailer Groupe Adeo. According to
the Financial Times, the sale was meant to
help drive down Kingfisher’s debt and is not “a precursor
to a break-up”.