Home shopping group Findel has sold its loss- making arm CWIO to The Hut Group to help reduce its debt.

CWIO, which comprises gifts etailer I Want One of Those and wedding specialist site Confetti, has been sold for £600,000.  

CWIO had made an operating loss of £3.6m in the year to April 2 and a statutory pre-tax loss of £13.8m.

The sale is part of Findel’s ongoing strategy to exit loss making and non-core parts of the business after full year losses for the group increased to £76.1m from £57.4m the year before.

Net debt for the group was £309.6m as of April 2.

Findel said that its management will now “focus its full attention on its core businesses and delivery of the Full Potential Review of the Group’s continuing operations”.