MySale Group PLC Disposal (9600X)

TIDMMYSL

RNS Number : 9600X

MySale Group PLC

03 May 2019

3 May 2019

Disposal

MySale Group plc (AIM: MYSL) ("the group"), the leading international online retailer, today announces that it has entered into an unconditional agreement to sell the trade and assets of the website cocosa.co.uk ("the Business") 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 GBP1.5 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, 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."

The information contained within this announcement is deemed to constitute inside information for the purposes of article 7 of the Market Abuse Regulation (EU) no. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

 
 MySale Group plc 
 Carl Jackson, Chief Executive Officer        [phone] 
 Graeme Burns, Investor Relations             [phone] 
 
 
 N+1 Singer (Nominated Adviser and Broker)    [phone] 
 Mark Taylor 
  James White 
 
 
 MHP Communications (Financial PR Adviser)    [phone] 
 Simon Hockridge 
  Giles Robinson 
  Pete Lambie 
 
 
 

About MySale Group

MySale is a leading international online retailer with established retail websites in Australia, New Zealand and South-East Asia. Founded in 2007, the Group provides customers with access to outstanding brands and products at discounted prices whilst simultaneously providing brand partners unique international inventory and sales solutions.

The Group provides a flexible marketplace solution in ANZ and South East Asia for domestic and international brands The Group offers a number of solutions for brands including 1P, 3P (strategic partners, managed and self-managed). The core product categories are womenswear, menswear, footwear, sports, health & beauty, homewares, technology and personalised gifts

Customers' shopping experiences are enhanced by the Group's deployment of leading edge technology to ensure personalised and localised product offerings. The customer experience has been at the heart of the Group's technology development since the earliest days and now mobile commerce is the Group's main sales channel. Proprietary technology innovations deployed include the Ourpay 'buy-now, pay-later' solution which has proved popular with over 130,000 customers using the solution.

The Group's online sales are supported by a robust and flexible network of in-house supply chain infrastructure and technology that enables MySale to offer products from around the world for sale and delivery to customers in each territory.

As a result of these exceptional capabilities in inventory management and international sales MySale has built an enviable portfolio of over 2,500 brand partners from whom products are sourced.

The Group operates websites under a number of different brands all of which operate on a uniform technology platform and a single international logistics infrastructure.

The Group operates 22 websites in seven countries; OzSale and BuyInvite in Australia; NzSale in New Zealand; SingSale in Singapore; MySale in Malaysia, Thailand, the Philippines, and Hong Kong,; whilst the Group's retail websites are Deals Direct, OO.com and Top Buy in Australia and Identity Direct in Australia and New Zealand.

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May 03, 2019 02:00 ET (06:00 GMT)