Secret Sales founders Sach and Nish Kukadia have bought back the business they founded in a management buy-out.
The brothers, who founded the online flash sales business in 2007, are supported by new investor Big Ideas Group.
Secret Sales was acquired by Wowcher owner Excalibur Group in February 2017. Excalibur is owned by private-equity firm Exponent Private Equity. The brothers continued to run the business during its time in private equity ownership.
The deal will see the Kukadias place more emphasis on the premium section of the market, working with luxury and upmarket brands.
BIG Ideas Group will also advise on marketing and bricks-and-mortar opportunities via invite-only designer sales.
Sach Kukadia said: “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.”
In the year to December 31 2016 the etailer’s sales rose 16% to £29.3m but operating losses grew to £3.6m in 2015 as it ploughed investment into its technology and operations to improve sales conversion.
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