Losses widen at Findel

Sales for the group fell 4% to £547m for the year and new chairman David Sugden, along with chief executive Phil Maudsley, are undertaking a full review of the business.

Sugden said: “The past year was undoubtedly a challenging period for the group.  Since being appointed chairman, we have instigated a full potential review of all the group’s continuing operations, with the intention to complete this review as quickly as possible so we can return the group to profit growth.

“I am encouraged by the strength of the group’s continuing businesses and we have a portfolio including profitable, cash generative businesses with significant potential for improved performance.  As this year progresses, we will implement the actions identified within the full potential review to achieve an improvement in group performance.”

The main reason for the fall in sales at the business was down to its Education Supplies division. Its home shopping arm maintained a growth in sales, reaching £398.3m from £383.7m last year. Findel’s sports offer Kitbag enjoyed a 34% rise in sales for the year.

Last year Findel closed Cotswold and Letterbox as part of a wider move to dispose of or terminate non-core or loss-making parts of the business.

In the current year, the operations of Webb, Confetti and IWOOT are either been sold or are in the process of being sold.

Separately on August 2 Tim Kowalski will join Findel as finance director, he has previous experience as  group finance director for home shopping group N Brown.