sCOTTISH entrepreneur Shaf Rasul has sold his discount warehouse BigOffers for an undisclosed sum just a year after it opened its doors.
Rasul, who launched the Newbridge-based cash and carry clearance outlet with ambitious plans to roll out up to 200 stores, said he had decided to pull out of bricks and mortar retail after a strategic review of his business interests.
Retail supremo Duncan Sutherland, who became chief executive of Rasul’s E-Net Computers business empire last year and who launched BigOffers, resigned last month.
Sutherland, a former chief executive of Moss Bros and director of Matalan, confirmed he is pursuing a new venture.
BigOffers is part of E-Net, which comprises a number of the entrepreneur’s business interests including his blank CD and DVD business as well as property, distribution and e-commerce ventures. The firm made a £3.1 million loss in the year to the end of March 2011 on a turnover of £12.4m. The BigOffers business has brought in an estimated £4.7m in sales since it launched in April last year.
Rasul confirmed he would retain the associated website, BigOffers.co.uk, which brought in sales of £7m last year. Rasul said the site would be relaunched by the end of this year.
Aberdeen-born Shahzad and Waseem Anwar have acquired BigOffers and the duo plan to re-launch on 1 July.
Rasul said: “Shahzad and his team bring a wealth of retail experience and I expect them to utilise all of this to build on the success we have already achieved at BigOffers.”