International online retailer MySale Group has agreed to dispose of the trade and assets of its online platform cocosa.co.uk, to online fashion retailer Brandalley UK.
MySale, which is backed by Sir Philip Green and Mike Ashley, signed an unconditional agreement with Brandalley UK for a total consideration of £1.5m ($1.96m), which is payable in cash on completion of the transaction. The company expects to close the transaction on 9 May this year.
The deal is part of the company’s rationalisation programme and marks its exit from the UK. The retailer will focus on its business in Australia and New Zealand (ANZ) region.
MySale Group CEO Carl Jackson 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.
“With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners.”
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According to the company, cocosa.co.uk reported AUD15.7m ($10.96m) revenue, which is about 5% of total group revenue. The business incurred a loss before tax of AUD0.4m ($279,347), and had assets with nil net book value.
MySale Group currently operates 22 websites in seven countries, including OzSale and BuyInvite in Australia, NzSale in New Zealand, SingSale in Singapore, MySale in Malaysia, Thailand, the Philippines, and Hong Kong.
It also operates Deals Direct, OO.com and Top Buy platforms in Australia, as well as Identity Direct in Australia and New Zealand.