UK online reseller bought out of administration in -pre-pack agreement, say sources
EXCLUSIVE UPDATED London Stock Exchange-listed Fraser Group is understood to have bought struggling UK online tech bazaar Ebuyer from administrators in a pre-pack agreement, sources have told The Register.
Fraser Group – run by Mike Ashley, the founder of Sports Direct – houses brands that also include House of Fraser, Flannels, Jack Wills, Game, and stakeholdings in Asos, Boohoo and sofa.com.
The homepage of Ebuyer's website, from this morning, says: "Coming soon. Can't wait? Discover Studio." Clicking through takes the prospective shopper to a new URL and an e-commerce portal that sells everything from home, garden, clothing, toys and games as well as electrical goods.
"Studio Retail Trading Limited (FRN: 993445), trading as 'Studio,' is an introducer appointed representative of Frasers Group Financial Services Limited," the site says.
The Register was able to find it listed on the UK's Financial Conduct Authority's firm checker.
Fraser Group plc has not yet issued a statement to the London Stock Exchange. The Reg has asked the business to comment. Additionally, we requested comment from Ebuyer owners Mark Read and Richard Marsden to ascertain what element or elements of the wider operation were sold.
Sources in the UK supply chain last week told us that Ebuyer had fallen on tough times and had worked to find a trade buyer in recent months. Letters were dispatched to potential prospects but nothing came of those talks. We were also told of the more recent negotiations with Fraser Group.
We understand administrator FRP Advisory was waiting in the wings to take control of operations. A source close to the situation told us this happened yesterday. We have asked FRP to comment today.
The administration of Ebuyer was being handled by Alastair Massey, a partner in FRP's restructuring advisory team based in the London office, along with his colleague Tony Wright, insiders told us.
Reports circulated last week that Ebuyer staff were sent home early, according to sources. The Reg called the company at the time and was met with an automated message: "We are currently experiencing technical difficulties with our phone lines."
A winding up petition from Urban Logistics Acquisitions 6 was filed at the start of August, indicating that at least one bill hasn't been paid. According to Keystone Law, such a petition occurs "when a business is unable to meet its financial obligations or pay its debts when they fall due, and the creditor believes that liquidation is the only viable solution to recover outstanding debts."
If the court agrees with the petition, then an order is given for compulsory liquidation.
The Winding Up petition came from the landlord of Ebuyer's headquarters, indicating difficulties around paying the company's rent.
eBuyer's turnover [PDF] fell 22 percent to £136.5 million ($184 million) in the year ended December 31, 2023, and it reported a net loss of £1.38 million ($1.86 million). This is the same year the etailer was bought by Marsden and Read from Hull kitchen magnate Malcolm Healey.
Sources in the supply chain told us that some credit insurers had grown nervous about indemnifying the etailer's debts, with Allianz understood to have all but pulled its cover. As such, some distributors were trading with Ebuyer on a cash-only basis.
Ebuyer was founded just over 25 years ago and in the early years it used its online presence and low overheads to undercut more traditional resellers on hardware reselling. Yet its fortunes have declined in recent years amid fierce competition in the sector.
Nick Glynne, CEO at BuyITDirect, told El Reg that it had become near impossible to make money by reselling hardware, whether that be batteries, appliances, or tech.
"It is a crowded market, and too expensive to keep brands going on small margin product," he said. Web-based resellers need to "differentiate" in terms of "credit, services, unique products," not by "box-shifting."
Ebuyer's rivals include Scan UK and Overclockers, although it is Amazon that has really overtaken local businesses selling hardware online.
Marsden and Read had tried to grow B2B sales to customers but this too is a sector that has established players, and we understand Ebuyer found it difficult to get a firm footing.
In the company's accounts for 2023, eBuyer had said: "To address the difficult trading, the directors initiated cost reduction and efficiency plans to improve both the short-term and long-term profitability of the business.
"These plans resulted in 50 employees leaving as the business right sized for the smaller turnover."
The plans, it appears, did not work. ®
Updated at 14.02 on August 12, 2025, to add:
Following publication of this article, FRP Advisory got in contact to confirm that Tony Wright and Alistair Massey "were appointed as joint administrators of Ebuyer (UK)" on August 8.
In a statement, Wright said: "Frasers Group has an established record of successfully taking retail brands forward and unlocking their potential. Ebuyer is a recognised name in the consumer technology space, and this transaction provides a platform it can use to reestablish its position as one of the UK’s largest PC components retailers.”