Independent marketplace Trouva has acknowledged and apologised for late payments to over 700 boutique partners, citing unforeseen delays. Their goal is to restore regular payment schedules amidst retailer concerns about timely compensations. The situation arose from pending new funding, impacting usual operations. Trouva assures retailers of ongoing support and communication during this period. Retailers express frustration, affecting their trading decisions.
Independent marketplace Trouva has publicly apologised for its failure to make timely payments to its numerous boutique partners spread across the UK and Europe. This delay in payments has sparked understandable concern and frustration amongst retailers, who rely on regular financial schedules to operate smoothly.
In an email to retailers dated 15 August, the CEO of Trouva’s parent company, FY!, Tom Beverley, candidly addressed the issue. He stated, “I want to personally apologise for the delay in last week’s payments to our boutique partners. I regret to inform you that we also anticipate a delay in next week’s payments.” Some partners have taken serious measures, with at least one retailer suspending trading on Trouva’s platform due to unpaid dues for July and August.
Trouva has attributed the payment delays to an unforeseen complication related to an impending new funding round. This has temporarily affected their ability to stick to the planned payment schedule, prompting the need for swift resolution efforts. The company is actively engaged in mitigating the issue and aims to restore normal operations as quickly as possible.
The firm was founded in 2015 and had undergone considerable ownership changes over recent years. Having been acquired by FY! in July for an undisclosed amount, it marks the third change in ownership within two years, impacting its operational stability.
Throughout the ongoing resolution process, Trouva has committed to maintaining clear lines of communication with all affected boutiques. They provide regular updates and offer support to help manage the challenges arising from this disruption.
The situation underscores the critical importance of reliable financial operations within the retail sector.
