Laybuy Receivership media statement – 17 June
Receivers and Managers appointed to:
- Laybuy Group Holdings Limited
- Laybuy Holdings Limited
- Laybuy Australia Pty Limited
(Collectively the ‘Companies’)
The above Companies were placed into Receivership this morning (Monday 17th June). David Webb and Robert Campbell of Deloitte New Zealand have been appointed Receivers and Managers over Laybuy Group Holdings Limited and Laybuy Holdings Limited. Glen Kanevsky and Jason Tracy of Deloitte Australia have also been appointed over Laybuy Australia Pty Limited.
For the sake of clarity, the UK based entities and certain other entities in the Laybuy Group are not in receivership.
The Laybuy Group (Laybuy) is a buy-now, pay-later provider that allows consumers to purchase goods and services and spread the total cost over six weekly payments. Laybuy has operations in New Zealand, Australia, and the UK, and currently services over 10,500 merchants and approximately 500,000 users globally. Laybuy was listed on the Australian Stock Exchange in September 2020 to fund growth in the UK, however it was delisted in March 2023.
The appointment was made at the request of the Companies’ Directors, following efforts to seek additional investment and a sale of the business and/or assets.
The Receivers are working with the Companies’ employees, merchants and other affected stakeholders to assess the financial position of the Companies and ascertain the way forward.
“While Laybuy is not currently accepting new transactions, customers should continue to make payments as normal, and no action is required to be made by consumers at this stage. The Receivers are working with the Directors to explore options as to whether a sale of the business can be achieved so that Laybuy can recommence enabling new transactions” said Receiver, David Webb.
Laybuy Managing Director, Gary Rohloff said “The decision to request the appointment of Receivers was gut wrenching. We were working hard to execute a plan to profitability, but this was impacted by a sharp deterioration in the retail environment. A deal to sell the business fell through at the last minute and this left the Board with no option but to appoint Receivers.”
The Receivers understand that there will be many parties, including employees, merchants and third-party suppliers, who will have questions about the process. Over the coming days, information regarding the Receivership can be found on the Deloitte website.
ENDS
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Media Contact:
Anna Murray
annamurray@deloitte.co.nz