Shoreditch start-up business sold to eBay

Shutl, an online courier company, has been sold to US auction site and retailer, eBay.

The business, which was launched in 2009 and operated out of London's Shoreditch neighbourhood, specialises in providing a same-day delivery service and aims to bridge the gap between the convenience of online retail and the logistical difficulties involved in delivering on a tight timescale.

Thomas Allason, 33, launched the company and is thought to be the main benefactor from the sale as he holds around 25 per cent of the firm's shares. However, no price has been revealed for the business sale.

Mr Allason commented: "E-commerce is quick and convenient, two things that delivery is not. Together with eBay, we believe that we can transform this market and fulfil our mission."

eBay already offers one-hour delivery services in US cities, including New York. With the purchase of Shutl it aims to bring this to buyers in the UK as well, allowing people who are buying and selling in the same region to receive their items quickly. The acquisition is also intended to help extend the service in other international regions.

Shutl's latest accounts show that the business has £2.4 million in cash and assets, an increase of £1.3 million in comparison to the previous year's accounts.

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