29 May 2015 07:00
29th May 2015
Findel plc
Update on the Strategic Review of Kitbag and full-year results announcement
In October 2014 Findel announced that it had commenced a strategic review into its sports retailing business, Kitbag, to assess all options for its future development. Having completed the review, the Board of Findel has concluded that it is in the best interests of shareholders to continue to develop Kitbag within the Group.
Further details of the ongoing plans for our two larger businesses, Express Gifts and Findel Education, together with our plans for Kitbag will be contained within our results announcement for the 52 week period ended 27 March 2015, which will be released at 7am on Thursday 18 June 2015.
David Sugden, Executive Chairman, said:
"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."
Enquiries
Tulchan Communications LLPStephen Malthouse / Will Smith020 7353 4200
Notes to Editors
The Findel Group contains market leading businesses in the UK home shopping and education supplies markets. It is primarily a retailer and distributor, handling and supplying specialist products manufactured by third parties.
The Group's activities are focused in three main operating segments, together with a small overseas sourcing operation:
· Express Gifts - one of the largest direct mail order businesses in the UK;
· Findel Education - the largest listed independent supplier of resources and equipment (excluding information technology and publishing) to schools in the UK; and
· Kitbag - a leading retailer of sports merchandise.