The new owner of fledgling Amazon challenger OnBuy is back in bullish mode after the firm’s development was put on ice by principle investor Centerprise International.
OnBuy was originally launched last November, backed by Centerprise, with a plan to grab five per cent of Amazon's UK market share within three years.
Cas Paton, the original founder and investor, is now the sole shareholder of the company after buying it in a six-figure deal, following what is described as "shareholder disagreement".
The deal has been through several months of negotiation, but Paton said it would be some time before the site can be re-launched to market, due to necessary legal work and website development. The firm has also moved premises from Basingstoke to Bournemouth.
In a statement, 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.”
He apologised for the inconvenience to customers and suppliers, but promised the business would be back on track as quickly as possible, with a July 2015 launch date mooted.
“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,” he said.
“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 compiling delays and an inability to speak publicly.”
He added: “We plan to make OnBuy very successful and our group has invested hundreds of thousands of pounds to date, and I will continue to invest until the project is successfully relaunched. OnBuy will succeed with me behind the wheel, giving it 100 per cent of my time, energy and focus.”
A Centerprise representative told CRN in a statement: “Other than to confirm that Centerprise has sold its interest in OnBuy to Cas Paton, the Group has no further comment to make.”
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