Findel extends funding line for Express Gifts

FINDEL, the North West home shopping company, has announced an extended funding line for its biggest division.

The deal sees Express Gifts, which is based in Accrington, able to access a £130m securitisation facility – some £25m more than the previous arrangement.

The group said the funding would both support Express Gifts’ growth and also allow it to reduce its core net debt at a faster rate.

Group finance director Tim Kowalski, explained said: “Express Gifts, our largest business, has delivered strong year-on-year growth throughout our turnaround, underpinning the recovery of the group.

“This increase in the securitisation facility provides a more appropriate source of funding for Express Gifts to continue this growth.  This change reflects continuing progress in restoring our lenders’ confidence in the group’s financial position.

“We are grateful for the ongoing support from HSBC and our other lenders.”

The Hyde-based group will be providing a trading update on Wednesday 22 January.