Online retailer MySale exits UK market
International online retailer MySale Group has exited the UK market following the sale of its branded website cocosa.co.uk.
The move comes after the London-listed company, which is partly owned by disgraced Top Shop boss, Sir Philip Green and Sports Direct founder, Mike Ashley, issued a profits warning late last year amid plunging sales.
The online flash sale retailer said it has entered into an unconditional agreement to sell the trade and assets of the website to Brandalley UK Limited.
The Business is the group's main trading website in the UK and the disposal forms part of the rationalisation programme previously announced as the group increasingly focuses on the Australia and New Zealand (ANZ) region.
Sold for just £1.5m
The consideration for the sale is GBP £1.5 million, payable in cash on completion. Completion of the sale agreement is expected to take place on 9 May.
The group’s other flash sales brands include OzSale, TopDeals and BuyInvite in Australia.
In the financial year to June 2018, the Business achieved revenue of A$15.7 million, approximately five per cent of total group revenue, but incurred a loss before tax of A$0.4 million and had assets with nil net book value, the company said.
"This disposal represents a key step in accelerating our 'ANZ First' strategy, which looks to optimise our scale, resources and market position in the region”, said Carl Jackson, Chief Executive Officer.
"With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners."
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