Marketplace requires "far greater levels of investment than originally forecast"

Online marketplace OnBuy put ‘on hold’ as website is taken down

OnBuy, the British online marketplace set up to rival Amazon and eBay, has been put ‘on hold’ by its major investor Centerprise International.

PCR had received reports this week that PC/tech dealers using the website to sell goods hadn’t been informed of new sales from customers, and couldn’t get through to anyone at the company. 

As of this morning had been taken offline.

OnBuy planned to launch in November after securing funding from Centerprise, but this launch window was pushed back and its first sale wasn’t made until mid-December.

Last month OnBuy MD Cas Paton left the business before setting up an e-commerce website design service. He is now working on launching a new tech etailer.

Richard Austin, Group marketing and communications Director at Centerprise, sent us the following statement:

"OnBuy was 100 per cent funded by Centerprise International and launched as a pilot concept in online retail marketing. The concept has been operating for around six months, with a very limited launch to the trade in November 2013.

"The offering attracted subscriptions from more than 50 retailers. However, in recent weeks it has become apparent that to take the concept to the level of sophistication that was envisaged would require far greater levels of investment than originally forecast. For this reason the board has taken the decision to put the project on hold.

"The OnBuy website has now been taken offline. Retailers and customers who had subscribed are being actively communicated with.

"Costs of the initiative will be carried by the highly successful Centerprise Group as part of its ongoing entrepreneurial investment programme."

It’s not clear whether the site will return in some form in the future, or if it has gone for good. We’ll update this story with any developments.

Check Also

Tiger launches Zoom Phone integration with advanced UC analytics and historic data retention features

A Zoom Phone module aimed at the hybrid remote workforce released by Tiger offers an …