Franchise Rumor: iSold It UK in Receivership

Editor’s Note: This post is about a rumor that has not been confirmed by the company. We have contacted iSold It US & UK for confirmation or denial, and will post their response as soon as received.

Unconfirmed allegations are emerging that the UK franchise developer for iSold It, Entrepreneur Magazine’s Top New Franchises for 2007, has been struggling and is now in voluntary receivership.

Franchise Pick reader CHANCE left this comment April 5 on a related post ( Is iSoldit a Great Franchise Opportunity? ):

…YES the UK area developer is belly up. Online Revolution Ltd The Head Franchisor of iSold It in the UK went into voluntary receivership today.”

Here is one gov’t posting:
UK business credit reports, risk scores, annual account and company filings online from UK Data LtdCompany

Details – I SOLD IT ON EBAY GB LTD
Registered No.05597190
Address:60 STATION RD, QUENSFERRY, DEESIDE, CH5 1SX
Type:Private Limited with share capital
Incorporation Date:19-10-2005
Recent Changes:
27/03/2007 Dissolution or striking-off document filed – First notice from Companies House to dissolve company in 3 months

According to a post on AmITheOnlyOne.org, a website critical of the eBay drop-off franchise model and iSold It, claims “Information is scarce and choppy
but here’s what we have so far”:

Online Revolution the company that purchased the UK rights to franchise iSold it in England have effectively run out of money and fell into receivership today. The 2 company stores have closed their doors and the 5 privately franchised iSold It stores are all waiting for news about what we do now?

According to the post, seemingly written by someone in the UK, most of the staff at the UK head office were “sacked.” The writer alleges that pressure is being exerted from iSold It to keep the news quiet:

iSold It has put a gagging order on Franchisees talking to anyone about their businesses or even sounding negative to one another. Yet, as always they still continue to sell franchises!

Phillip Molloy the head franchise owner for the UK is starting to get worried and their rescue plans have serious flaws.

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Related Posts:

Is iSoldit a Great Franchise Opportunity?

Has iSold It Halted Franchise Sales?

Related Links:

iSold It UK website

iSold It website

AmITheOnlyOne.org website