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Findel Approached To Sell Kitbag As Sports Direct Buys 19% Stake (ALLISS)

Tue, 29th Sep 2015 08:11

LONDON (Alliance News) - Shares in home shopping and education business Findel PLC surged early Tuesday after it disclosed that Sports Direct International PLC has acquired a substantial stake.

Sports Direct, the FTSE 100-listed sports clothing and equipment retailer founded by Mike Ashley, has acquired a stake of 18.93% in Findel, which owns home shopping retailer Express Gifts, an education supplies company and the Kitbag sports retailing unit.

Sports Direct has made a habit of taking stakes in rival retailers in the past year or so, including acquiring a put option in Tesco PLC and a stake in department store Debenhams PLC.

Findel also said on Tuesday that it has received an approach to acquire its Kitbag business, having recently completed a strategic review of the business. It said there remains no certainty a deal will be done and didn't name the potential bidder.

Findel shares were up 15% to 232.00 pence on Tuesday morning, the best performer in the FTSE All-Share by a margin. Shares in Sports Direct were down 0.9% to 746.50 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance