We received news last week that Stockshifters.com has ceased trading. Part of Recoverex Ltd., Stockshifters was a wholesale marketplace where ecommerce sellers could buy stock online. According to the website, in November 2013 they had over 125,000 unique buyers, over 500 Sellers, 3,200 sales listed and 254,180 views on live sales. The Wholesale Forums, founded by Anthony Trollope, is also owned by Recoverex.
A message on the Stockshifters website seeks to reassure customers:
“It is with great regret that we announce Stockshifters.com has ceased trading.
We would like to thank all our customers, staff and shareholders for their continued support over the years.
All stock purchases and sales are protected under the client trading account. Please contact [email protected] if you have any questions.
If you are awaiting stock that you have purchased then you will receive the goods in the usual way.
If you have made a deposit in order to purchase but have not yet completed the purchase, you will receive your deposit back.
If you are a seller awaiting payment for goods shipped you will receive the funds in the usual way.
We apologise for the inconvenience this has caused. Please be assured that we attend that all outstanding transactions shall be concluded in the usual way.
Thank you for your understanding.”
According to the Stockshifters website, members of the board include Chairman Iain Abrahams, (Managing Director at Barclays Capital), Tim Weller (founder of Incisive Media and Non-Exec Chairman of RDF Media) and Ed Wray (founder of Betfair and Director of Funding Circle).
If you have been affected by this development as a stockshifters.com customer, we’d be interested to hear from you.
4 Responses
Sorry to see them going. While fees were quite high, there was a space for good margin on some lots offered.
Wondering what went wrong.
I made a purchase shortly before site ceased trading and received my goods, so no issue here.
Regards
Ah well. Made one purchase from them in the past, it arrived incomplete. Their customer service was awful. They only just stopped short of outright accusation of fraud.
I certainly won’t miss them.
Good riddance! As an occasional seller on there a year or two ago I faced problem after problem, excuse after excuse for something that should really be quite simple. Customer service dreadful, total lack of process. I even went down and visited their offices but the whole set up was just hopeless. It’s a shame as it could of been a nice little business for them but they just ran it AWFULLY.
I bought many a job lot on Stockshifters, with a fair few problems, but around the time they merged with the Wholesale Forums, their business model really did go pear shape. No control over sellers, no control over products or prices, no back up when sales went wrong, no help whatsoever really – and then their prices went up for buyers (not for the sellers ! ) I was also a seller for 12 months on Stockshifters, but due to their buyers fees, failed to sell a single item, Sorry, sold one job lot and took 2 months to get the funds from them. Not surprised at all that they’ve closed down !