Page 12 - Toy & Hobby Magazine Feb-Apr 2021

NEWS
FROM THE NEWS DESK
IN BRIEF
◗ VIDAXL TO EXPAND IN AUSTRALIA
Netherlands online retailer VidaXL has committed to a land and build package of 113,620 sqm site in Tarneit, after signing a deal with Frasers Property Industrial. The eTailer, which sells outdoor toys, furniture
and home and garden products, will occupy the space which comprises of a total undercover area of 80,960 sqm and includes a warehouse of 68,600 sqm, awnings of 10,960 sqm, and
two offices totalling 1,400 sqm. Frasers Property Industrial
GM southern region Anthony Maugeri said that the site will help VidaXL accelerate its eCommerce operations
in Australia.
Small business ombudsman calls for HECS-style loan scheme
12 TOY & HOBBY RETAILER FEBRUARY / MARCH / APRIL 2021
THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell is calling on the Federal Government to establish a loan scheme
for small businesses as other government stimulus measures wind down.
The revenue-contingent scheme, Carnell argues, would help small businesses get access to the cash flow they need to survive the year without the support of subsidies
including JobKeeper and rent relief. “Unfortunately it’s a perfect storm scenario -
especially for those small businesses that haven’t been able to fully recover from the COVID crisis,” Carnell said.
“Access to credit will be critical to keeping those otherwise viable small businesses afloat, particularly over the coming months as support measures are phased out and the bills start flowing in again,” she said. ❉
Sugar rush: Funtastic sells confectionery business
FUNTASTIC sold its confectionery business to Sweet Season for $1.05 million in January.
Sweet Season bought all of the business’ inventory - including candy, lollies, fizzer packs, sour rolls, sour straps, and chocolate eggs - and all other assets including confectionery brand names and intellectual property.
Net assets of the confectionery business at 31 July 2020 amounted to $195,000, representing 4% of the Funtastic total assets and 1.4% of the pro forma total assets of the new Funtastic group post acquisition of Hobby Warehouse Group (HWG).
The sale came as Funtastic transforms its operations, following the acquisition of HWG, MD and CEO Louis Mittoni said.
“The sale of the confectionery business is part of the ongoing strategic review of all product ranges, customer segments and operations.
“It accelerates materialisation of value for part of the business and will allow investment to build scale and to right-size the business, aligned with the planned growth and focus of the company to deliver our mission of encouraging children to engage with as many forms of play as possible,”
he said. ❉