-I can't confirm who it is or the details but we do have a signed agreement," E-Store managing director Steven Spilly told ZDNet Australia.
E-Store went into administration October 3, and appointed Ian Purchas and partner Ron Dean-Willcocks of Star Dean-Willcocks as joint administrators.
The company continued to trade as a going concern, with a deed of company arrangement disclosed to creditors October 22 and voted on October 30, in which it was agreed that the company would continue to trade with Spilly at the helm, on the undertaking that the e-tailer pay back its debt of AU$448,000 in monthly instalments over the next two years.
-The process flushed out companies we never would have thought to contact," Spilly said.
At the first creditors' meeting, held October 10, Purchas said he had sent out seven confidentiality agreements to parties interested in buying the E-Store business. The number of interested parties gradually increased to 12, according to Spilly. -We had to assess them all and decide which offered the best scope."
-At the end of last week it got down to a two-horse race," Spilly said, adding that on Friday E-Store directors assessed one of the two offers as -too good to refuse".
A gentleman's agreement saw out the weekend, and a legally binding agreement -which doesn't go into the intricacies" was signed -at both ends" this afternoon, Spilly confirmed.
-I'm both surprised and very happy with the outcome. I don't think we would have crossed paths with this company otherwise."
Spilly said the buyer and details of the deal should be released later this week, but in the meantime he confirmed E-Store has been bought in its entirety and that all remaining staff, including management, will be kept on board.
Spilly said the buyer was a tech-based company -with a patented technology solution which should be attractive to most households within Australia".
Spilly could not say whether debts would be recuperated sooner now that a buyer had been found, adding that the as yet un-named buyer and administrator were currently -ironing out the plan for that together".
This is good news for Australian consumers. We need more etailers so we can get the best prices for our goods. Just hope they do the right thing and remain competitive on price. Good luck i with support you.