LONDON (Alliance News) - Findel PLC Friday said that following the completion of the strategic review into its sports retailing business Kitbag, it has concluded that it is in the best interests of shareholders to continue to develop the business within the group.
The home shopping and education supplies company commenced a strategic review into its struggling Kitbag business in October 2014 to assess options for its future development. In March, Findel said that Kitbag was making a strong recovery, experiencing a record Christmas trading period.
Findel added that further details of plans for its Express Gifts and Findel Education businesses, as well as for Kitbag, will be revealed at the time of its full-year results on June 18.
"Having carefully considered all options, it was clear to the board that it is in the best interests of all stakeholders to continue Kitbag's development as part of the group. Kitbag has delivered a substantial recovery in its underlying operations and contract base after the renegotiation of legacy contracts, and has started to capitalise on the significant international growth opportunities open to the business. As part of Findel we are confident that Kitbag will continue to build on the recovery to date," Chairman David Sugden said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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