Retail

MySale to sell Cocosa to Brandallery UK

08 May '19

1 min read

Pic: MySale

MySale Group plc, a leading international online retailer, has entered into an unconditional agreement to sell the trade and assets of the website cocosa.co.uk to Brandalley UK Limited. The consideration for the sale is £1.5 million, payable in cash on transaction completion. The completion of the sale agreement will take place on May 9, 2019.

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.

In the financial year to June 2018, the business achieved revenue of A$15.7 million, approximately 5 per cent 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, MySale said in a press release.

"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,” Carl Jackson, chief executive officer, said. (RR)

Fibre2Fashion News Desk – India

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