Brit telly, laptop flogger Gimmi goes titsup owing whopping £1m The collapse of Cheshire-based etailer Gimmi left a string of suppliers with debts totalling £1m, the creditor's report has revealed. The web shop, which flogged tablets, smartphones, 3D TVs, and laptops was placed into the hands of administrator Cowgill Holloway Business Recovery (CHBR) on 8 May. The two-year-old firm was …
"the lender hiked its charge per transaction from 1.75 per cent to 5.45 per cent"
just like the interest-free period on yer credit card running out. You cannot base a business plan on the introductory offer. Who could not have seen this coming?
[Banker: interesting business here, why should he be making the profit instead of us? I know...]
Interesting, this is not the first time this sort of service has failed, I know of at least two others times it has happened in the last few years under the same sort of buy it now pay later offering, in those two cases the same two directors simply bought out the assets at midnight and started trading the next day under a new name leaving massive debts.
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