Findel appoints new chief executive

He will succeed Philip Maudsley, who will become managing director of the group's home shopping business and remain a member of Findel's board.

Mr Siddle was previously chief executive of professional training and education company BPP Holdings, and oversaw its sale to Apollo Global in 2009.

David Sugden, chairman of Findel, said: "The board is delighted to welcome Roger Siddle as chief executive and we look forward to working with him to take the business forward. Roger has been working with us on the group's Full Potential Review in recent months, during which time he has acquired an intimate knowledge and understanding of the group's businesses."

Findel recently sold three loss-making businesses, including wedding gifts website Confetti.com, to ecommerce retailer The Hut Group.

Its losses increased to 76.1m in the year to April and earlier this year the company had to restate its 2009 results, reducing its pre-tax profits by 6.4m following an investigation into accounting entries in its education division, which is based in Tameside in the North West.

Mr Sugden added: "We would also like to thank Philip Maudsley for his contribution in leading the group as chief executive over the past year, during what has been an extremely challenging time for Findel."