News roundup--Findel puts Confetti and IWOOT on the block

Findel is selling wedding planning website Confetti and gifts and gadgets etailer I Want One Of Those (IWOOT) and has already stated the two businesses as "terminated operations" in its 2010 accounts.

Losses at the multititle catalogue, healthcare and educational supplies firm increased by 33 percent in the year to 2nd April. Pretax loss was up from £57.4 million last year, to £76.1 million in 2010. Meanwhile, sales from continuing operations fell 4 percent to £547 million, compared with £572.1 million in 2009—a figure that was restated after Findel uncovered accounting discrepancies in its educational supplies division.

The group attributes the sales decline entirely to the performance of the education supplies division, where sales reduced by 15 percent during the year. Sales at its home shopping division remained flat at £345.1 million, but were significantly boosted by the strong performance of sporting goods etailer Kitbag, where sales grew by 34 percent largely thanks to a contract with Everton Football Club.

In related news, Findel has renegotiated its financing facilities and entered into agreements for the provision of the amended credit facilities that stand for 18 months.