Plymouth-based firm recently moved into a bigger warehouse
The duo that founded The iOutlet have sold the business to its management team.
Matt Green and Liam James, who founded James Green Ltd the company behind The iOutlet in 2012, will however remain involved with the company.
The tech refurbishment firm has sold close to £100million worth of products during this time, to both retail and wholesale customers.
And recently the online retailer relocated to a much bigger warehouse in Mid-October.
Green and James have sold the company to Lewis Cox, Ollie Green, Greg Jones and Russell Jones as part of a management buyout.
The acquisition was advised by the corporate finance team at PKF Francis Clark, who supported James Green’s shareholders in structuring the acquisition and securing a cash flow loan facility from Santander.
In a joint statement, Green and James said: “Having worked tirelessly to develop The iOutlet into the business it is today, we now have an established brand for the management team to continue with the next stage of our development growth plans.
“The team, led by Lewis Cox and including Ollie Green, Greg Jones and Russell Jones, have been integral to the success and growth of the business over the last few years and getting to this stage.
“We believe that the flexible funding structure provided will enable the team to achieve the desired growth ambitions, and we very much look forward to working with them going forwards.”
Lewis added: “They have worked tremendously hard to develop The iOutlet into a leading multi-channel retailer of refurbished phones and we are excited at the opportunity we have been given to continue to grow the business they have created.”