New Findel finance director named

The Burley-in-Wharfedale company said retail expert Tim Kowalski

replaces him from August 2.

He joins Findel from private equity-owned HomeForm Group and has also been finance director of home shopping rival N Brown.

Chairman David Sugden said: "I am delighted that someone of Tim's calibre is joining Findel at this critical time. There is a tremendous amount to do to solidify our finance structure and drive business performance."

Mr Hinton's departure follows the exit of chairman Keith Chapman in April, who spent more than a quarter of a century with the business. Chief executive Patrick Jolly also left in March.

In June it said it had uncovered accounting errors at its educational supplies division and warned of an impact on historic profits and net assets. It has also closed or sold struggling businesses. Last year it raised 81m through a deeply discounted equity issue to help cut debts.

"I would like to take this opportunity to thank Chris Hinton for the considerable efforts he has made for Findel over the last three years during a very difficult period for the group," said Mr Sugden.

Findel reports results for the year to the end of March on Tuesday.