6 Mar 2013

Trade Me sale

7:15 am on 6 March 2013

Trade Me is to sell its group-buying website Treat Me to the management of the unit for an undisclosed price.

Chief executive Jon Macdonald said a deal had been agreed with Treat Me's boss James MacAvoy and his consortium, and he expected to complete it in about a month.

Mr Macdonald said the online auction site had not been able to devote enough resources to Treat Me, because of the opportunities in its main auction and classified arms.

The price is confidential, but Mr Macdonald said the price is not considered material

Treat Me was launched by Trade Me in March 2011, with its first deals going live a week later. It has since sold more than 1.1 million vouchers to New Zealanders around the country.