Findel boss Roger Siddle declared this morning that the home shopping group’s turnaround was complete and it is now focusing on growth. Retail Week looks at how he managed to treble profits in just three years.

Concentrate on the core – Findel’s big focus has been on reviving its important Express Gifts and education businesses is on track. As a result of that, Siddle has disposed of the Healthcare arm. He sold it last year for £24m.

Getting the right management team in place – Siddle has brought in new personnel to help spearhead the turnaround, including Kitbag boss Andy Anson and many senior managers in Kleeneze.

Improving the offer and value – The retailer has broadened Express Gifts’ value and range. That has involved restructuring buying and merchandising and making better use of overseas sourcing offices. 

Reducing bad debt – Express Gifts is heavily reliant on credit so reducing the level of bad debt can greatly improve profitability. The retailer has now implemented a behavioural credit scoring system and plans to offer more personalised credit offers

Chasing profitable growth – Loss-making sportswear business Kitbag suffered from being tied into unprofitable contracts with sporting partners. Out of the four most problematic deals, Siddle’s team have renegotiated three and the final one comes to an end at the end of the next season. Findel is now committed to entering only profitable deals and has focused on adding new partners for whom Findel may run websires or stores. It has signed with Borussia Dortmund, the Ryder Cup and has renewed a Real Madrid.

Overhauling infrastructure and systems  –  Express Gifts, Findel’s biggest retail operation, takes the majority of its sales online yet a lot of its systems were over 20 years old. Siddle has invested to allow the business to compete in the online world. The systems work is now complete and Siddle says that it will enable the retailer to personalise offers for customers and launch more delivery options.