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. In
its half-year results, announced today, Findel saw losses narrow
from £22.7 million this time last year to £15.5 million
in the 26 weeks ended 1st October. Chairman David Sugden said in
a statement that he was pleased with the company’s performance,
and is confident the company is capable of “significant
improvement in profit performance”.
At its home-shopping division Express Gifts,
Findel announced it is to begin a major upgrade to its systems,
which will be completed over the next three years at a cost of
approximately £7 million. In its educational supplies
business, Findel will overhaul its supply chain management
processes through updating and improving stock forecasting
systems and reducing the time it takes to fulfil an order. It
will use £35 million of the new funding to support these and
other growth initiatives. Approximately £40 million will be
use to reduce the company’s indebtedness.
Cath Kidston has confirmed Paul
Mason, former Somerfield and
Matalan chair and nonexecutive chairman at
Radley, as its new chairman. He is due to join
the business in the New Year. Outgoing chairman Peter Higgins
retains a minority shareholding in the company.
Fashion designer Stella McCartney has relaunched
her US website and opened up the online shop to UK consumers. The
site is due to expand into eight more European countries by
spring 2011.
Amazon has created 500 temporary jobs in its
Peterborough distribution centre, reports the Peterborough Evening Telegraph.
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