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Funtastic Limited (ASX:FUN) has completed the sale of the Madman group of companies for $21.5 million.

 

The toy manufacturer flagged a write-down in the Madman entertainment business in March.

 

The final sale price will require a further write-down of between $5 million and $5.5 million which will be included in the 2014 financial year accounts. 

 

Outgoing CEO Stewart Downs says the company expects to have greater flexibility to focus solely on its strategy to own and grow its brand portfolio. 

 

Funtastic reported a net loss of $25.8 million in the first half of the 2014 financial year.