Findel PLC Potential Arrangements With Sports Direct (7967G)
March 06 2018 - 1:01AM
UK Regulatory
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RNS Number : 7967G
Findel PLC
06 March 2018
06 March 2018
Findel plc ("Findel" or "the Group")
Update on potential commercial supply arrangement with Sports
Direct International plc
The Board of Findel, the online value retail and education
business, is exploring the possibility of further developing the
commercial supply arrangements between Express Gifts Limited
("EGL"), its largest subsidiary, and Sports Direct International
plc ("SDI"), the UK's leading sporting goods retailer and Findel's
largest shareholder.
The move follows successful recent pilot-scale commercial tests
of SDI-licensed clothing brands on Express Gifts' Studio.co.uk
website which were designed to strengthen Express Gifts' product
offer for the value-conscious customer. Findel and SDI have now
agreed to explore ways to further develop these joint commercial
opportunities.
As part of these discussions, the Board of Findel has agreed
that Liam Rowley, Head of Strategic Investments for SDI, will
attend Board meetings as an observer. The role, which will be taken
up with immediate effect, does not constitute a seat on the Board
nor does it entitle Mr Rowley to vote on any matters under
discussion. Appropriate confidentiality agreements and arrangements
for dealing with conflicts of interest are also in place.
Phil Maudsley, CEO of Findel commented: "Express Gifts continues
to make strong progress in becoming an online value retailer of
real scale. We look forward to exploring with Sports Direct the
opportunities available for commercial supply arrangements, which
we believe will further fuel the strong growth of Express Gifts and
complement our digital transformation."
Liam Rowley, Head of Strategic Investments of Sports Direct
commented, "We remain a supportive and long-term shareholder in
Findel and see significant benefits from developing a deeper
commercial agreement between Sports Direct and Express Gifts."
Enquiries
Tulchan Communications 020 7353 4200
Susanna Voyle
Will Smith
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 two main operating
segments:
-- Express Gifts - one of the largest direct mail order
businesses in the UK, primarily trading via the Studio.co.uk brand;
and
-- Findel Education - the second largest listed independent
supplier of resources and equipment (excluding information
technology and publishing) to schools in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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