Home shopping group Findel has said its £81m fundraising has received strong support from investors.

The business, which runs shopping sites including Kitbag and Kleeneze, said 97.6% of shares available under its open offer have been snapped up by investors.

The open offer was part of a wider fundraising, which also included a share placing.

The group, which also operates an educational supplies business, announced plans to raise cash in July in an attempt to cut its debts.

Findel’s chairman Keith Chapman said at the time that the move would enable the business to enter into cheaper and less restrictive bank facilities.

Last month, Findel announced a pre-tax loss for the year to April 3 of £51.9 million from a profit of £25.2 million a year earlier.

The company has also put its healthcare division up for sale to allow it to concentrate on its home shopping and education supplies operations.

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