Findel swings to a £59m loss

Findel, the mail order retailer in which Sports Direct has a near-30 per cent stake, sank to a pre-tax loss of £59 million after writing off £82.2m in one-off items including a more detailed bad debt provisioning model.

Blaming a “difficult year” in its education business, the firm said it planned to transform its business and said it was seeing strong sales at Express Gifts.