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07 Jun 2011
A "CHALLENGING FUTURE" faces Findel after it was hit by accounting irregularities in January 2010 that forced it to restate results for the previous 12-month period and saw then-chairman Keith Chapman step down.
The group is conducting a "full potential review" of its five arms as a result of recent poor results, after pre-tax profits plummeted to £7m from £11.7m in the year ending 1 April 2011. It will take three years to complete and cost the business £35m, The Telegraph reported.
Further reading
Findel appeared to be in trouble after it was forced into a rights issue in July 2010, accompanied by a renewal of debt facilities. Chief executive Roger Siddle said: "Given the group's then level of debt, the terms for these facilities were both challenging in terms of headroom and onerous in their conditions."
The future is looking brighter now, as its online sports retail business Kitbag has signed a contract with Uefa for the Champions League and European Championships, while buying processes for the education supplies division have been improved and £10m injected to "ease supplier pressures".
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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