UPDATE: GoSango sold to new owner

The assets of a controversial Kelowna online coupon company have been sold.

GoSango closed its doors earlier this week after a flood of bad publicity. Angry merchants had complained about not being paid the money that they were owed by GoSango. Some of them reportedly stopped honouring coupons that had already been issued.

Bruce Maki, owner of the Kelowna Smart Betty franchise, says he started negotiating with GoSango’s owners earlier this week and the deal happened ‘very quickly’.

“We did not buy the GoSango name or brand. We bought their assets,” Maki said.

The assets primarily consist of GoSango’s client list.

Smart Betty is also a discount coupon company that operates internationally.

Maki says the entire purchase price is going into a trust fund administered by a lawyer.

The money will be paid out to merchants who are owed money.

Maki doesn’t think the money will cover all of the losses, but he hopes it will help restore trust in the industry.

He says Smart Betty will donate 10% of its revenue to local charities.