Findel sells unit to tackle debt

first_img Findel sells unit to tackle debt John Dunne Tags: NULL Share 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 iwantoneofthose.com 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. Thursday 12 August 2010 3:39 amcenter_img Show Comments ▼ whatsapp whatsapp 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 by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvdlast_img

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