Disposal of Returns business
Source: RNS
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
4 October 2024
Sorted Group Holdings Plc
("Sorted" or the "Company" or the "Group")
Disposal of Returns business
Sorted Group Holdings Plc (AIM: SORT), a leading provider of delivery experience and post-purchase technology, announces the disposal to ZigZag Global Limited of the business and intellectual property (including the software, systems and content assets) used to operate and deliver the Group's "Returns" business used by small to medium fashion apparel retailers, charities and educational institutions (the "Disposal").
The consideration to be received by Sorted for the Disposal is £775,000 in cash, 25% of which will be received immediately with the balance to be received in approximately 30 days. The cash will be used to settle the Clicksit APP Limited liabilities of about £1.4m including accumulated losses and transaction costs.
The gross assets the subject of the Disposal as at 31 December 2023 were approximately £247,000 and generated a profit before tax in the 15 months ended 31 December 2023 of approximately £64,000.
The Disposal will allow Sorted to focus on the innovation and growth of "Ship", its flagship carrier management system, and "Track", its post-purchase experience solution.
For further information please contact:
Sorted Group Holdings Plc Tel: +44 (0)3300 555 284
Simon Wilkinson, Chairman
Mahmoud Warriah, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0)20 3328 5656
David Hart
Vivek Bhardwaj
Turner Pope Investments (TPI) Ltd (Broker) Tel: +44 (0)20 3328 5656
James Pope
Andy Thacker
About Sorted
Sorted's Delivery Experience supports retailers in providing exceptional delivery experiences and analysing post-purchase performance. It enables customers to track deliveries and returns or exchange of parcels with ease.
Founded more than a decade ago, Sorted is trusted by leading retailers - such as Asda, ASOS and M&S - to make customer purchase experiences a differentiator.
Media contact - Leah Jones - ljones@thecommsco.com
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