On June 17, the Laybuy group of companies in New Zealand and Australia was placed in receivership after directors voluntarily requested the appointment of Deloitte as receivers.
Laybuy Group Holdings and Laybuy Holdings receiver David Webbsaid administrators were appointed to Laybuy’s UK business on June 24 and the receivers were working closely with them.
Receivers were seeking a buyer for the group of Laybuy companies in receivership and offers received to date were being considered, he said.
When the companies first entered receivership, Laybuy’s founder and managing director, Gary Rohloff, said attempts were made to sell the business, but negotiations “fell over at the last hurdle”.
Laybuy has ceased taking on new customers and existing ones are unable to make purchases using their accounts. But they can make repayments.
Gary Rohloff said an economic downturn more severe than expected had a significant impact on the retail sector in both New Zealand and the United Kingdom. Photo / Jason Oxenham.
“The receivers have appreciated the huge level of consumer support in terms of honouring their commitments and making payments,” Webb said.
The company operated on the premise of allowing customers to buy goods and services but instead of paying upfront, they paid in six weekly, interest-free instalments, while merchants received payment immediately.
