Multichannel retailer Findel is understood to be considering a sale of its home shopping business, Express Gifts, as part of an ongoing restructure by the listed company.
It is reported in the Mail on Sunday that home shopping rival N Brown is the frontrunner to buy Express Gifts although it is not thought that formal talks have been held as yet. The division includes Studio, Ace and Health & Home business, which sell home, lifestyle and garden products.
The plans come soon after the group, which also has healthcare and education supplies divisions, sold off wedding specialist Confetti and gadget etailer Iwantoneofthose.com to Hut Group.
Findel launched a review of its business after appointing David Sugden as chairman on April 1. In July, it announced that group sales had been static at £547m for the year to April although it has debts of £309.6m.
The home shopping division announced sales of £221.4m with operating profit down to £21.9m from £28m in 2009. Although the company is currently dealing with accounting irregularities in its educational supplies business, it said trading across the rest of its operations remained “creditable” in the difficult economic climate.
No comments yet