Penny Auction Flutteroo Had Tons of Money and Users yet Shuts Down

flutteroo_logoFlutteroo.com/.co.uk , a UK based penny auction site, has now just shut down. The message on their site tells us that the Directors of Bargain Retailing have ceased trading and in turn shut down the penny auction’s operations. Updates will be posted on their site, but at the moment customer accounts have been “frozen” and no refunds will be given or shipments fulfilled.

According to an April 2011 press release,  Flutteroo had gained 350,000 customers and raised over $1,614,000 in funding:

“We can hardly believe that we have burst through the third of a million customer mark and more. It seem like only yesterday we have a quarter of a million on now with over 350,000 customers we have the half a million mark in our sites. Our global expansion plans have really come together and the whole Flutteroo team are thrilled with the progress we have made”. Dave

Now Flutteroo is just another penny auction site that was.
Did you bid on Flutteroo? What was your experience? Join our penny auction forum to talk with other penny auction bidders and site owners. 

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7 comments… add one
  • Bob MacReynolds July 20, 2011, 3:54 pm

    How does that happen given what the CEO stated just a few months ago about their Capital infusion and the amount of customers they had? Something doesn’t add up here.

    Reply
  • Christian Jabbour July 21, 2011, 3:53 am

    Hello Bob,

    I would say that this is another case of one of those companies deliberately entering a trend niche market in order to amass as much cash as possible then shut down blaming it in insolvency. Just another sham to be added to the lengthy list of fraudulent websites on the web, that have since closed. For sure this will have repurcussions to this industry, as users will doubt more and more the viability of these types of auctions.

    I can only imagine the difficulty for owners of legitimate penny auction, reverse auction and/or sitting auction websites who are doing there best to propose a viable business model to survive against 1). the continuous amount of bidders that make a living out of scamming auction websites, and 2). companies and website owners entering the market solely to rip-off users then once the amount of liquidity needed, then shut down for no apparent or logical reason.

    To be quite frank, myself with my associates, we were to launch our own penny auction website mid 2010. We invested quite some time and money into our project, and will continue to do so, but for the time being we have chosen to put the launch on hold for a few more months to further study more in detail this market which undeniably has many flaws to it, such as the numerous inexplicable closures of websites, whether it be the smaller sized or the larger companies, that have since closed shop and run.

    We aim to remedy these flaws with a business model that will hopefully suit our users and in parallel benefit us the company to maintain a profit margin in order to cover all operating expenses.
    Furthermore, to maintain a better user experience and avoid the cluttering and complications of imlplementing divers auction types which to some users can be confusing, we deem it best to keep the site as simple as possible, by at first offering only penny auctions, until a proper approach for diverse auctions running simultaneously can be offered.

    We look forward to posting an interview on PAW after our launch.

    Regards,

    Christian

    Reply
  • Bob Smith July 21, 2011, 5:27 pm

    What is happening with all these penny auction website how come they are all closing down ?

    Reply
  • Bob MacReynolds July 21, 2011, 10:39 pm

    Christian –

    If you ever get some concrete information on Flutteroo let us know. I would hate to speculate on such a potentially despicable way of running their business, but who knows. Good luck with the New Auction Site. If we can ever be of service you can reach us through the PAW Forum. We’ve only been running auctions for 60+ days, but I’m happy to share any experiences or insight if you think it might benefit your team. Have a good weekend.

    Bob MacReynolds
    President, Bid-Bob.com

    Reply
  • alan harvey July 22, 2011, 7:13 am

    As Bargain Retailing Ltd is the owner of the Flutteroo web site and that is still running how come they say they are insolvent? Dave Hobday runs BargainRetailing Ltd from Haywardsheath Sussex U.K.
    Full address is Bargain Retailing Limited Avaition house 1-7 Sussex Road Haywardsheath West Sussex rh16 4le U.K. I wonder if this is another Limited company owned by the same person ,and with the same name or just the real address of the so called insolvent company .I would be very interested to know how about you.

    Reply
  • Lynn August 15, 2012, 2:35 pm

    What do those of us who paid into an account, need to do to get a refund of our payment?

    Reply
  • StuKeith November 26, 2012, 6:54 am

    I had an account with them. Just tried logging in now as found the email and I forgot I had it. I know I had about £5 or more of credit on my account.

    I won 2 things from here, a DVD and a CD. Both were on the Free auctions as well.

    Reply

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