MySale Group plc (LON: MYSL), the leading international online retailer, today announced that it has entered into an unconditional agreement to sell the trade and assets of the website cocosa.co.uk 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.
The consideration for the sale is GBP £1.5 million, payable in cash on completion. Completion of the sale agreement shall take place on 9 May 2019.
In the financial year to June 2018, the Business achieved revenue of A$15.7 million, approximately 5% of total group revenue, incurred a loss before tax of A$0.4 million (including attributable central operating expenses) and had assets with nil net book value.
Carl Jackson, MySale Group plc Chief Executive Officer, commented:
“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.
“With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners.”