After 2 years development, and despite significant growth in the last quarter, it is with regret that we announce the closure of Frooly Ltd.
In a climate of recession, retail gloom and discount deals – it’s very expensive to launch a marketplace selling luxury and unique goods.
However, with 1,300+ businesses on board and sufficient growth funding secured, we were confident of the year ahead - our
Unfortunately, as of January 16th, this funding position unexpectedly changed.
Factors beyond our control have affected investor confidence (chargeback’s, shop non delivery of orders, heavily funded competitors etc) – without the planned for investment round in January, we are no longer able to meet our obligations and have no time to make alternative arrangements.
Despite the tremendous backing and support from our Board, we are unable to find a way through it on this occasion. Many investors have decided that a high cost retail business is too risky to fund in the current environment – the only option available is to close the business.
Professionally we are hugely disappointed, and consider many of our trading partners friends. Launching a business is very difficult; we have risked everything and sweated blood to reach this position – only to fall short of capital at a crucial time.
On a personal note, we are devastated with this announcement and particularly with the inconvenience and distress it may cause our fantastic team, supporters and customers. This was out of our hands and only confirmed last week and we certainly didn’t want to put you in a bad personal position.
We’d like to thank Carl, Matt, Emma and all past/present members of the Frooly team for the hard work, great company and shared vision. Both Gemma and I have learnt and experienced things money can’t buy and will be forever wiser for it.
Michael Ord, Gemma Baldan and the Frooly Board
Please accept our apologies but we are unable to answer phone calls.
The best contact method is customerservice@frooly.com
