Sports Direct the country’s biggest sports retailer has taken an 18.9 per cent stake in Hyde based Findel Plc.
Sports Direct, majority owned by Newcastle United owner Mike Ashley, is now the third largest shareholder in Findel their share price jumped 11.6 per cent following this morning's news.
The Findel group, based in Gregory Street in Hyde, is a leading general merchandise supplier to the home and education sectors. Express Gifts offer a diverse range of products to the consumer. Findel Education supplies a majority of schools in the UK with their educational resources and commodity products through its regional and national catalogue brands.
Findel also confirmed it had received an approach for its sports retail business Kitbag. Kitbag sells replica football kit and other sports merchandise through partnership contracts with major clubs and through its own branded website.
Findel said in a statement: "The Company has received notification from Sports Direct International PLC of its acquisition of a major interest in the shares of the Company."