Heavyweight non-executive director appointments at Findel

FINDEL, the home shopping and educational supplies company, has appointed Eric Tracey and David Sugden as non-executive directors.

Mr Tracey is currently senior independent director and chairman of the audit committee at Chloride Group. He is also non-executive director of the NEC Group and holds advisory board position for other companies and public bodies.

Prior to these roles, he was group finance director of Amey and Wembley having previously been a partner at Deloitte.

Mr Sugden is non-executive director of Greencore and was chairman of BPP Holdings until its recent sale. Prior to that the was chairman of MSB International, group chief executive of Geest, group finance director of Spear & Jackson International and non-executive director of Applied Distribution.

Both will become members of the audit, remuneration and nomination sub-committees. Mr Tracey will become chairman of the audit committee.

Keith Chapman, chairman of Burley-in-Wharfedale-based Findel said: “I am pleased to welcome Eric and David to the board of Findel. They are individuals of great integrity and will add significant value in their respective roles.”

Earlier this month Findel comfirmed it had successfully raised £81m through an equity issue.

The firm said it needed the capital to help cut rising debt and broker cheaper banking.

In its results in the 12 months to April 3 Findel saw pre-tax losses of £51.9m against a profit before tax of £25.2m the year before.

Findel has been hit by falling sales and has been in talks with its lenders about finding ways of reducing its debts.

It said it wants to deliver £100m of cash generation by the end of March 2011.

Findel has also agreed amended credit facilities with its lenders.