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The founder of online marketplace OnBuy, Cas Paton, has acquired the brand from IT services provider Centerprise.
OnBuy was placed ‘on hold’ in May by Centerprise, who invested in the etail site last year.
Since May, negotiations have taken place between the shareholders to find the best way forward for OnBuy. As a result of this, Cas Paton has become the sole shareholder of OnBuy after acquiring it from Centerprise for a six-figure sum.
OnBuy moves from Basingstoke to Bournemouth, where Paton runs his group of other businesses, including Visor Commerce Ltd – the new legal home of OnBuy. The OnBuy website is currently scheduled for a relaunch in July 2015.
Cas Paton said: "There was a disagreement between shareholders with regards to the future of OnBuy which led to the project being placed on hold by the principle investors.
“My group will be investing heavily to relaunch the project quickly and efficiently to make OnBuy better than ever originally planned. Without any competing views from multiple shareholders on what OnBuy should be and how OnBuy should offer its services, the project will benefit from a clean and clear message.
Paton added: “I personally apologise to anyone who has been left stranded or without feedback to questions during this dark period of OnBuy’s history; when the project was placed on hold it was done so without warning and has been wrapped up in legal procedures that have led to multiple delays and an inability to speak publicly other than a very simple ‘on hold’ press release.
“We plan to make OnBuy very successful and our group has invested hundreds of thousands of pounds to date. I will continue to invest until the project is successfully relaunched. OnBuy will succeed with me behind the wheel."
Centerprise declined to comment on the news.
