SecretSales.com founders Nish and Sach Kukadia have bought out the company with the backing of new investor the Big Ideas Group.
The two launched the business in 2007 and today it is a £29m turnover platform for selling discount designers goods in the UK market. It has 5.5m registered subscribers and has worked with more than 1,500 brands, helping them to sell excess stock through time-limited flash sales.
The Kukadias say the deal puts them back in the driving seat. They now plan to focus further on the premium and luxury market, backed by the financial investment, marketing expertise and bricks-and-mortar opportunities through invitation-only designer sales of the Big Ideas Group.
In 2016 The Telegraph reported that the group had moved into profit in their 2015 financial year, and in 2017, Drapers reported the brothers had sold to Excalibur Group, the owner of discount deals websites Wowcher and LivingSocial UK and Ireland, for an undisclosed amount.
Today the brothers announced their management buyout.
“We are delighted to have the control to now focus on growing our customer base, and to build on the work done in 2017 to improve service levels and delivery times” said Sach Kukadia pictured right).
The Kukadias thanked Excalibur Group and all its staff for their support through a transformative 2017.
“We wish Nish and Sach the very best in this exciting new phase for their business” said Roland Bryan, chief executive of Excalibur.
The MBO buy-side was advised by Dorsey & Whitney LLP and Invention Capital Associates.