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Findel exploring further Sports Direct opportunities
Online value retail and education business Findel said on Tuesday that it is exploring the possibility of further developing the commercial supply arrangements between its largest subsidiary, Express Gifts, and Sports Direct.
Following recent pilot-scale commercial tests of Sports Direct-licensed clothing brands on Express Gifts' Studio.co.uk website, the two companies have agreed to explore ways to further develop these joint commercial opportunities.
As part of these discussions, Findel's head of strategic investments for Sports Direct, Liam Rowley, will attend board meetings as an observer. The role, which will be taken up with immediate effect, does not constitute a seat on the board nor does it entitle Rowley to vote on any matters under discussion.
Appropriate confidentiality agreements and arrangements for dealing with conflicts of interest are also in place.
Findel chief executive officer Phil Maudsley said: "Express Gifts continues to make strong progress in becoming an online value retailer of real scale. We look forward to exploring with Sports Direct the opportunities available for commercial supply arrangements, which we believe will further fuel the strong growth of Express Gifts and complement our digital transformation."
Rowley said: "We remain a supportive and long-term shareholder in Findel and see significant benefits from developing a deeper commercial agreement between Sports Direct and Express Gifts."
At 1110 GMT, the Findel shares were up 5% to 225p.