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Exclusive: SecretSales sold to Wowcher owner

Flash Sale site SecretSales has been sold to Excalibur Group, the owner of discount deals websites Wowcher and LivingSocial UK and Ireland, for an undisclosed amount, Drapers can reveal.

The sale completed on the 8 February and Drapers understands Excalibur intends to invest significantly in SecretSales over the next two to three years.

SecretSales co-founders Nish and Sach Kukadia, who are chief executive and buying director respectively, will continue to lead the business.

A spokesman for Excalibur confirmed the deal but declined to comment further.

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

Founded in 2007, SecretSales sells product at 30% to 70% off the recommended retail price to its 4.4 million-plus members. The company employs  89 people at its offices in Notting Hill, west London.

In its most recent results for the year to 31 December 2015, revenues rose 16% to £29.3m year on year, while its membership base grew 34%.

The etailer’s operating losses grew from £2.2m to £3.6m in 2015 as it invested in its technology and operations to help improve sales conversion.

Excalibur bought Wowcher from the Daily Mail Group and the UK and Ireland operations of LivingSocial from LivingSocial Inc in November 2015.

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