Findel Sells Webb Group To Endless For GBP1

8th Jun 2010 14:17

LONDON (Dow Jones)-- Findel PLC (FDL.LN), a group in home shopping and the distribution of educational and medical supplies, announced Tuesday the sale of its wholly owned subsidiary Webb to Endless LLP for a total consideration of GBP1 paid in cash. MAIN FACTS: -Webb comprises two main trading companies, Choices Group U.K. Limited and Webb Ivory Burton Limited or WIB. -Following the disposal of Webb, management will now be able fully to focus on its key businesses. -It will also remove the working capital requirement of Webb of between GBP15 million and GBP20 million, which has increased significantly recently as available trade credit reduced in the wake of high profile administrations in the sector. -Shares at 1312 GMT stood at 23.25 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 08, 2010 09:17 ET (13:17 GMT)