Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.
Laybuy, the pay now pay later firm, has collapsed into administration just days after suspending its service. The company allowed customers to buy products online and spread the costs over 2-3 months.
The company has 500,000 users operates across New Zealand, Australia, and the UK with 300,000 in the UK.
The company has gone bust in New Zealand after failing to find a buyer.
Sam Ballinger, joint administrator at FTI Consulting, said: “The joint administrators are currently assessing the options available to the companies and supporting the employees, merchants and other affected stakeholders through this difficult period.
“Laybuy is not currently accepting new transactions, however, customers should continue to make payments as normal.”
FTI said that further updates including those affecting customers will be shared in the coming days at www.fticonsulting.com/uk/creditors-portal/laybuy-uk.
It is indeed a good idea that any customers who have bought goods using Laybuy must continue to make payments. The administrators will pursue any customers who do not pay and non payments will affect your credit score.
The company has 29 employees in the UK.
It is possible that the company may be sold out of administration. Klarna are the main operator in this market space and could be interested if Laybuy had any particular areas where they dominated. However with 300,000 users in the UK it might be worth waiting until all those payments have been made and they simply have the technology left over.