Findel has sold its debt-laden subsidiary Webb to turnaround specialist Endless for £1. The Webb division comprises home entertainment products supplier Choices UK and Webb Ivory Burton, which also sells TV, film, and entertainment DVDs. Findel says the divestment will allow it to focus fully on its key business-which includes its other home shopping operations and its educational and healthcare divisions-and remove Webb’s working capital requirement of approximately £20 million. In turn, Endless has announced plans to invest £15 million into Webb in order to support its future growth.
Online apparel retailer ASOS reported a revenue rise of 35 per cent to £223 million in the year ended 31st March. Profit before tax is also up, by 44 per cent, to £20.3 million. UK sales grew 20 percent to 160.0 million. International sales once again performed well for the company-up 95 per cent to £63 million, representing approximately 30 per cent of total retail sales.
The Independent carries a piece on what we should know about Kate Swann, the chief executive of WH Smith.
At last! Inditex, the owner of fashion chain Zara, has announced the date for the launch of the brand’s eCommerce website. Zara will debut online in Spain, France, Italy, Portugal and the UK on 2nd September.
Bread made from organic Somerset spelt flour, Cotswold spring water, Cornish sea salt and raised by a secret 55-year-old sourdough recipe is hitting the headlines today. The reason: It costs £21 for one loaf from Hobbs House Bakery, which sells through mail order and at its stores in the Cotswolds. ThisIsSomerset, the Telegraph, and the Mirror are among the newspapers to carry the story.
Share