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uBid, the US-based online marketplace for discounted products, is preparing to enter the UK in the coming months following a reorganisation of its business.

The company joins rival Overstock in targeting Europe for the first time this year as US merchants look to get their hands on more foreign currency. It will also provide more competition for the likes of eBay and Amazon in the battle to attract buyers of cheap goods.

uBid CEO Jeffrey D. Hoffman told E-consultancy: “We are looking to acquire both buyers and sellers in European markets and are setting up an office in Europe. It will likely be in the UK.”