Flash Sale etailer Secretsales.com has been sold to Excalibur Group, owner of deals websites Wowcher and LivingSocial UK and Ireland.

Excalibur snapped up the etailer last week for an undisclosed sum and intends to invest heavily in it over the next two to three years, Drapers reported.

Secretsales co-founders Nish and Sach Kukadia will continue to run the business, remaining in their current roles as chief executive and buying director.

A spokesman for Excalibur, which is owned by Exponent Private Equity, confirmed the deal but declined to comment.

Last year, Secretsales launched click-and-collect and hired new finance boss Neil Alexander.

In its full-year to December 31, the etailer’s sales rose 16% to £29.3m.

Operating losses grew to £3.6m in 2015 as it ploughed investment into it its technology and operations to improve sales conversion.

Secretsales said it had benefited from post-Brexit austerity with strong sales since the EU referendum.