Sorted Group Holdings sells returns business for £775,000
Sorted Group Holdings PLC on Friday said that it has disposed of its returns business to ZigZag Global Ltd, a global returns solution provider.
Sorted Group Holdings is a Manchester-based operator of a delivery experience platform.
It said on Friday that it has sold both the business and intellectual property used to operate and deliver its returns business, including the software, systems, and content assets.
The consideration for the disposal is £775,000 in cash. Of this, 25% will be received immediately, with the balance to be received in 30 days.
Sorted Group said that the cash will be used to settle the Clicksit APP Ltd liabilities of about £1.4 million, including accumulated losses and transaction costs.
The firm added that the disposal would allow it to focus on the innovation and growth of ‘Ship’, its carrier management system, and ‘Track’, its post-purchase experience solution.
Shares in Sorted Group Holdings were flat at 67.50 pence each in London on Friday afternoon.
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