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Studio Retail agrees to sell Findel Education for £30m
StockMarketWire.com
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Online retailer Studio Retail said it had agreed to sell its Findel Education business for £30 million.
Findel, which provides resources and equipment to schools, had been sold to West Moorland 221, a newly formed company owned by investment funds managed by Endless.
Studio Retail also had made available a working capital facility of £2.0 million to Findel Education, with an interest rate of 4.6% per annum and termination date of 30 September.
Proceeds from the deal would be used to make a voluntary payment to company's defined benefit pension fund of £9.0 million, with the remainder used to cut debt.
'The disposal will simplify the group's operations and allow the management to focus on the fast growing Studio business,' Studio Retail said.
'Following a transformational year for Studio, the group intends to continue to pursue and accelerate its strategic vision of becoming the leading online value retailer with an integrated financial services offer.'
Story provided by StockMarketWire.com
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