Seymour Pierce analyst Richard Ratner said: 'Certain assets have gone to Express Gifts, part of Findel, but are likely to be passed onto Webb Group, in which Findel has a 30 per cent stake. As for other shareholders, we doubt if they will see a penny.'
In February, the retailer dropped several catalogue titles in an attempt to increase sales but, despite a 50 per cent increase in catalogue pages, household and leisure sales fell 36 per cent in the four months from October 1. The group forecast an overall pre-tax loss of about£800,000 in the 12 months to March 30.
At the time, chief executive Robert Colquhoun said the retailer had not managed to differentiate its home and leisure offer in a 'crowded and difficult market'.