Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

Online auction site Wheedle to close
Posted on 11-Jul-2014 17:45. | Tags Filed under: News.



Online auction site Wheedle, the only significant competitor to Trade Me in New Zealand, is to close after its sole funder Neil Graham decided against further investment in the company.

“I’ve supported the company financially since its inception but, as part of a rationalisation of my investments, I’ve decided it’s time to move on,” Mr Graham says. “Ongoing health issues have also contributed to my decision.

“Our aim was to create a commercially successful site where people could buy and sell online without costing users an arm and a leg. More than 80,000 members backed us and we’re very proud of that achievement.

“I’m sad to see it go but the reality is we’ve taken the idea as far as we can. A managed wind down is the sensible option.”

Graham said all auctions currently in progress will run their course, and all membership fees will be paid in full and are redeemable online.

“We have no trade creditors and we will work through any contract issues with service providers. The Wheedle team today have received paid notice and are assisting in the orderly wind up of the company.”

Mr Graham says the systems developed to deliver the service involve a state-of-the-art, secure e- commerce platform. Specialist transaction advisory firm Ocean Partners is managing the sales process and is in discussion with two parties interested in all or part of the company and its technology. This may hold out some hope for re-employment of existing staff.

“I continue to believe,” says Graham, “that New Zealand should have a choice when it comes to online trading and that listing fees should be fair and reasonable. We also think the Wheedle business model of a paid membership and set fees has potential, but we’ve been unable to make it work within a realistic time frame.”

“This has been a bit of a personal crusade for me – the name Wheedle come from a phrase my grandmother used all the time and I’ve invested millions into the venture. There were doubters from the start, but we’ve given it our best shot, created a large group of satisfied customers and built some very interesting technology. But I’m afraid the business has run its course in its present form,” Mr Graham says.

NOTE: Wheedle members who wish to redeem their outstanding balances should go to www.wheedle.co.nz and a link will be available for you to register for a refund in due course.


comments powered by Disqus


Trending now »

Hot discussions in our forums right now:

Netflix officialy launching in NZ in March
Created by jarj, last reply by tdgeek on 21-Nov-2014 19:08 (97 replies)
Pages... 5 6 7


Current Netflix payment method as of Nov 14 - Cant pay
Created by andynz, last reply by Regs on 24-Nov-2014 17:00 (29 replies)
Pages... 2


Click Monday Deals
Created by mrtoken, last reply by Krishant007 on 24-Nov-2014 17:11 (25 replies)
Pages... 2


Gull Employment Dispute.
Created by networkn, last reply by sir1963 on 24-Nov-2014 17:30 (90 replies)
Pages... 4 5 6


SEO spammers
Created by freitasm, last reply by jamesrt on 24-Nov-2014 16:09 (25 replies)
Pages... 2


Free 1gb data with $19 combo until end of Jan 2015 (1.5gb total)
Created by eXDee, last reply by un1qo on 24-Nov-2014 14:51 (21 replies)
Pages... 2


SSD hard drive in aging HTPC disappointingly slow
Created by watman, last reply by joker97 on 23-Nov-2014 22:02 (20 replies)
Pages... 2


To use online streaming do I need to be a geek with unlimited fibre broadband?
Created by Beecee, last reply by littleheaven on 21-Nov-2014 16:12 (21 replies)
Pages... 2