Flying Brands to sell off gifts division to Interflora
Flying Brands is preparing to sell off its gifts division to Interflora.
The deal for the division, worth £2.4 million, comprises of Flying Flowers and Flowers Direct as well as a number of small florists trading under Drake Algar.
The gifts division made an operating loss of £0.8 million in the year ending 31 December 2010. It also made an £0.8 million operating loss in its half year to 1 July 2011.
The value of the assets to be sold was £3.2 million on 1 July 2011. The deal is subject to both shareholder and Office of Fair Trading approval.
Following the deal, the focus of the group will be on its Gardening Direct and Garden Bird Supplies businesses.