Kitbag Sold To Fanatics

Home shopping group Findel has sold sports merchandise retailer Kitbag, which operates e-commerce and retail operations for a host of major sports teams including Leicester Tigers, for more than £11m. Hyde-based Findel has announced the disposal of the loss-making business to Fanatics UK Holdings Ltd, a newly formed subsidiary of US sportswear retailer Fanatics Inc, for a gross consideration of £11.6m in cash subject to an adjustment based on the working capital position of Kitbag at completion. Kitbag has approximately 500 members of staff in its Greater Manchester head office. Kitbag operate…