Findel sells unit to tackle debt

first_img Home shopping and education supplies firm Findel said it would sell a unit, which includes its gadgets and gifts business, to online retailer The Hut Group in a cash deal worth £0.6m to help reduce its debt pile.Findel, whose net debt stood at £309.6m as of 2 April, had earlier said its level of net debt was too high.Operations of the unit CWIO comprise online retailer of gadgets and gifts and Confetti, a multi-channel retailer for bridal products.The sale of CWIO, formerly known as Findel Direct, forms a part of the company’s strategy to exit non-core and loss-making operations.For the year ended April 2, the multi-channel retailer had reported an adjusted pretax profit of 13.8m from continuing operations, compared with a restated £29.2m in 2009. Show Comments ▼ whatsapp John Dunne Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot Findel sells unit to tackle debt whatsapp Tags: NULL Share Thursday 12 August 2010 3:39 amlast_img

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