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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/shopping-firm-eyes-second-cash-call.jpg"><img class="alignnone size-full" title="Home shopping firm Findel said it was considering plans to raise £80 million in its second cash call" src="http://londonglossy.com/wp-content/uploads/2010/11/min-shopping-firm-eyes-second-cash-call.jpg" alt="Home shopping firm Findel said it was considering plans to raise £80 million in its second cash call"/></a></p>
<p>Loss-making home shopping firm Findel said it was considering plans to raise £80 million in its second cash call to shareholders in as many years.</p>
<p>The group, which owns Express Gifts and sells football shirts for Everton football club through its Kitbag business, hopes to use the money to pay down some of its £336.8 million debt and to fund a new back-to-basics recovery plan.</p>
<p>It raised £81 million through a rights issue in August 2009 but is looking at plans to launch more shares on the market as part of a proposed five year refinancing deal agreed with its banks.</p>
<p>The plans have not been finalised but negotiations with lenders are in advanced stages and Toscafund and Schroders, which control more than 50% of the stock, have backed the deal.</p>
<p>Bradford-based Findel has revealed it reduced its pre-tax losses by 32% to £15.5 million in the half-year to 1 October, on sales down 3.5% at £264 million.</p>
<p>It plans to invest £35 million as part of a strategy that will see every part of the business grow over the next three or four years, it said.</p>
<p>The launch of the strategy follows a difficult year for the company, which was forced to restate its results after it discovered fraud in its education supplies business.</p>
<p>It appointed Roger Siddle as its new chief executive in July after he was drafted in as a consultant to carry out a full review of the business, which concluded that previous problems were caused by underinvestment.</p>
<p>Former chief executive Philip Maudsley remains managing director of the home shopping division.</p>
<p>Under the new strategy, its mail order shopping company Express Gifts will receive a £7 million investment in new computer systems, better credit checks to weed out customers likely to default on payments and will offer sharper prices to consumers.</p>
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