Onloan rental service "pauses" operations
Fashion rental generally may be going through a growth phase at present but that doesn’t mean every business operating in the sector is thriving.
Getting rental just right can be a tough task and rental platform Onloan has “paused” its operations for now. It’s been hit by multiple issues that are proving to be stumbling blocks when it comes to getting more finance and taking the business forward.
While the website is still open and the firm is operating through February, a statement on its Instagram page says: “We have some big news and sadly not the good kind - Onloan is pausing operations. We built a pioneering rental service we are so proud of, but the timings of the pandemic plus some nuts HMRC legislation around leasing (we wont bore you with the details but feel free to ask if curious) has made it super tricky for us to fundraise and grow Onloan to the next level. So we’re taking a minute to step back and figure stuff out.”
Founded by friends Tamsin Chislett and Natalie Hasseck, Onloan aimed to be “the go-to source of incredible clothes for a generation of women who are tired of the high street but are priced out of luxury”.
February is the last month (for now) that users will be able to rent items. Until now, it has been renting out two items worth £500 for £69 a month, or four items worth £1,000 for £99.
The pause means that these rental items will be available for sale until the middle of next month.
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