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.

@SortedOfficial