Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Exclusive: SecretSales confirms redundancies following sale

SecretSales has confirmed it is making a “number of roles” redundant following a review of the business, just three weeks after the flash Sale site was sold to Excalibur Group.

Drapers understands around 20 people will be made redundant in the firm’s back-end operations as a result of a reorganisation of the business.

SecretSales chief executive Nish Kukadia said the firm was “streamlining” some of its operations, resulting in job losses: “We have a clear plan to deliver growth and profitability. As a part of this, we have taken the opportunity to streamline some of our business processes and operations, and the consequence of this will be re-organising the business and making a number of roles redundant.”

Kukadia added: “At the same time, we are increasing our investment in customer acquisition, our technology platform and distribution systems, all of which will benefit our many supplier partners.”

As previously reported by Drapers, four SecretSales directors, including chairman Sergio Dias, have already left the business, as well as CFO Neil Alexander.

Exalibur Group, the owner of discount deals websites Wowcher and LivingSocial UK and Ireland, bought SecretSales last month.

Roland Bryan, CEO of Excalibur Group, said: “The business is an excellent fit with our portfolio of brands providing online discounted offers to an affluent and female-focused demographic. It further extends our position as the leading UK player in this customer segment.”

In its most recent results for the year to 31 December 2015, revenues at SecretSales rose 16% to £29.3m year on year, while its operating losses grew from £2.2m to £3.6m.

Excalibur is owned by private equity firm Exponent Private Equity, which previously owned accessories brand Radley London.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.