Trouva, an independent marketplace, faces criticism over payment delays to its boutique partners.
- Numerous retailers report outstanding payments stretching back several months, crippling their operations.
- Trouva attributes the delays to unforeseen funding issues, affecting over 700 UK and European boutiques.
- CEO Tom Beverley has issued a personal apology, acknowledging potential further delays in processing payments.
- Current measures include continuous communication with affected parties and efforts to resume normal operations swiftly.
Trouva has come under scrutiny as numerous retailers express their frustration over delayed payments. These boutiques, which make up a significant part of Trouva’s marketplace, have been waiting for payments from previous months, putting financial pressure on their operations. One retailer, in particular, voiced concerns about not receiving funds for July and August, prompting a halt in trading and advising peers to consider similar actions.
The independent marketplace, which partners with over 700 boutiques across the UK and Europe, is facing a challenging situation due to unforeseen funding delays. According to a representative from Trouva, an issue with a new funding round has temporarily impaired their capability to adhere to regular payment schedules. The company has promptly communicated with its partners, stressing that this predicament is a temporary setback.
CEO Tom Beverley directly addressed the boutiques, extending his apologies through an email titled “Late Payments Status.” He candidly acknowledged the delays and regrettably warned of further disruptions. This transparency was paired with reassurances that Trouva is actively working to rectify the situation by securing funding and resolving payment backlogs.
Since its inception in 2015, Trouva has seen considerable investment, notably securing £17m in 2019 for international expansion. However, its acquisition by FY! in July, after being sold twice within two years, may have contributed to its current financial upheaval.
Despite the current challenges, Trouva remains committed to its partners, maintaining open lines of communication and offering support. The firm emphasizes its dedication to resuming normal payment processes expeditiously, with efforts concentrated on managing the situation and alleviating the concerns of its boutique partners.
Trouva’s commitment to resolving these payment issues reflects its dedication to supporting its boutique partners through transparent communication and active problem-solving.
