Home shopping group Findel has decided not to sell sports merchandise retailer Kitbag, following a strategic review.
Sports Direct’s Mike Ashley was said to have been interested in the business, which sells replica football strips for major teams, when Findel announced it was looking into options for its future development in October last year.
David Sugden, executive chairman of Findel, said: “Having carefully considered all options, it was clear to the board that it is in the best interests of all stakeholders to continue Kitbag’s development as part of the group.
“Kitbag has delivered a substantial recovery in its underlying operations and contract base after the renegotiation of legacy contracts, and has started to capitalise on the significant international growth opportunities open to the business. As part of Findel we are confident that Kitbag will continue to build on the recovery to date.”
Findel also owns direct mail order business Express Gifts and school resource and equipment supplier Findel Education.