City Briefs: Findel enjoys sales growth, Victoria shareholders force meeting
FINDEL, the home shopping, education and healthcare products supplier, says sales have increased 4.5% since October, and that it is “encouraged” with the progress it is making on a number of fronts.
The listed company said its strong sales performance was led by an 11.1% rise at Express Gifts – the largest business in the group -its best Christmas in four years.
Findel, which was formerly headquartered in Yorkshire before relocating its head office to Hyde, said Express Gifts has grown its active customer base by more than 5% in the last year, and this business would deliver a “a strong operating profit performance for the year.”
Trading at catalogue cleaning products business Kleeneze has also improved with decline in sales slowed from 2.5% in the eight weeks to November 25 to 1.2% in the 15 weeks to Janaury 17.
Kitbag – the football business now run by Andy Anson, the former Manchester United commercial director and more recently head of England’s unsuccessful World Cup bid team – are up 2% over the period.
This increased came at a price as “significant levels of promotional activity” were required due to both the general weak trading environment and “the relatively poorer situation of some sporting partners this season compared to last year”.
Across the whole group year-to-date, sales are 1.6% ahead of the prior year.
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THE board of Worcestershire-based carpet manufacturer Victoria has had to relent to pressure from the consortium bidding to take control of the company and agree to hold a general meeting to examine the offer.
In a statement, the Victoria board said it had now received a valid request from the consortium requiring the firm to convene a general meeting. It had previously claimed there was insufficient shareholder support to warrant the move.
The request has been received from HSBC Global Custody Nominee (UK) Ltd and the head of the consortium, former Victoria director and chairman Alexander Anton.
The consortium is proposing a resolution to replace the company’s existing non-executive directors – chairman Nikki Beckett and senior independent Peter Jensen – with Geoff Wilding, Sir Bryan Nicholson and Lady Katherine Innes Ker, together with Mr Anton himself.
Last week, the company announced that it had appointed BDO to commence formal sale proceedings.
