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Retail & Consumer

Findel Education sold to Endless LLP in 拢30m deal after 'transformational year'

North West-based Studio Retail Group announced the sale of its firm on Monday

Findel is a supplier of resources and equipment to schools in the聽海角视频聽and overseas.(Image: South Wales Echo)

North West firm Studio Retail Group (SRG) has announced the sale of its teaching and educational resources business in a deal worth £30m.

The Accrington-based listed group released details of the agreement in a statement to the markets on Monday, which will see Findel Education sold to a newly formed business called West Moorland 221 Ltd.

West Moorland is owned by investment funds managed by Leeds-based private equity investor Endless LLP.

SRG said it has made available a working capital facility of £2m to Hyde-based Findel Education, and the net cash proceeds will be used to make a voluntary payment to the group's benefit pension fund of £9m - with the remainder used to reduce group net debt.

The statement added that the disposal will "simplify" SRG's operations and allow management to focus on the "fast growing" business.

It added: "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."

Paul Kendrick, CEO of SRG, said: "Under SRG's ownership, Findel Education has transformed itself from a catalogue retailer to an online first business and we are confident that it will continue on the next phase of its digital transformation under the ownership of Endless.