Findel PLC Potential Arrangements With Sports Direct (7967G)

TIDMFDL

RNS Number : 7967G

Findel PLC

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

MSCUNUNRWWAORRR

(END) Dow Jones Newswires

March 06, 2018 02:01 ET (07:01 GMT)

Studio Retail (LSE:STU)
Historical Stock Chart
From Mar 2024 to Apr 2024