Two former directors of the listed Lok’nStore group have launched an online retail auction site where retailers can sell surplus stock.

Steven Hourston and Chris Stevens are directors of Kangaroo Self Storage in Dundee. The online service is called Kangaroo Auctions and is targeting Britain’s retailers which it says have around £24bn of unwanted or surplus stock.

To use the site retailers drop their unwanted stock at the Dundee storage centre and Kangaroo Auctions values the items and puts them online for a seven-day auction period. Private individuals can also use the service which is fre.

Online retailing is a significant part of the UK retail industry. APACS, the UK payments association, says that £2.8bn was spent on auction sites in 2005, a total of some 79 million transactions. The Interactive Media in Retail Group said that UK consumers have spent more than £100bn on online shopping since web-based retailing began some 12 years ago.