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Dublin-based online shopping and e-business software specialist Buy4Now, has sold its US business interests and restructured its capital in a deal worth £8.4 million.

Buy4Now's US business has been acquired by US group MyWebGrocer for an undisclosed amount.

Michael Veale, co-founder and sales director of Buy4Now, has been appointed chief executive, stating that he will re-focus the group on its core Irish, UK and mainland European markets.

Ali Murdoch, former chief executive of Buy4Now said: “The sale of Buy4Now USA represents particularly good value and provides an excellent result for all our shareholders who have seen a strong return on their initial investment. It is particularly gratifying to note that we have consistently delivered on our strategic ambitions, our profit targets and development.”

He added: “I will be maintaining an active interest as an investor, and have every confidence that the new management team will enjoy continued success in the future.”

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