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Findel completes sale of Kitbag

02 February 2016 07:27

Findel has completed the sale of its subsidiary Kitbag to Fanatics UK Holdings, a newly formed subsidiary of Fanatics Inc, the US market leader for officially licensed sports merchandise. The gross consideration payable at completion is GBP11.55 million in cash subject to an adjustment based upon the working capital position of Kitbag at completion. The cash proceeds will be used to further reduce the Group's bank debt and to help drive further growth within the Group's core businesses, Express Gifts and Findel Education.

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Related Company: FDL

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