The Hut Group, which delivers ecommerce services to the retail industry, has acquired Confetti and Iwantoneofthose.com (IWOOT) from Metro Holdings, a wholly owned subsidiary of home shopping group Findel.
IWOOT is an online provider of gadgets, gifts, toys and games, while Confetti is recognised as a leading wedding brand. Both companies make up the operations of CWIO, which was formerly known as Findel Link.
Findel will receive around £600,000 for the transaction, and the sale forms part of the board’s previously stated strategy to release non-core and loss-making operations.
Net proceeds from the CWIO sale will be used to pay part of Findel’s net debt, which stood at £309.6 million as of April 2nd 2010.
Surveys have shown that The Hut Group is considered to be one of the fastest growing digital companies in Europe, and it has recently launched websites such as Zavvi.es and Mybag.co.uk.
In April the business announced it was launching Gifted.com in an attempt to take advantage of the lucrative online gifting market.
Commenting earlier this year, Mergers and Acquisitions Director at The Hut Group Steve Whitehead said: “The Group’s successes across recently launched sites and the continued growth of our established sites such as thehut.com, demonstrates that our offering is highly relevant.”