Letsbuyit reopens with good intentions

Embattled co-op buying website Letsbuyit.com has re-opened for business, promising to quickly clear the backlog of two-month-old customer orders on its books.

Letsbuyit is up and running again in the UK, France and Germany, just three of the 14 countries it originally launched in, to sell computers, TV, hi-fi, household appliances and white goods. Deals highlighted on Monday included Sharp Minidiscs for £115.

John Palmer, Letsbuyit founder and chief executive, apologised to customers for the delays, incurred as the firm fought to raise new investment and avoid threatened bankruptcy. Eventually, investors provided Letsbuyit with £30m to carry it through to profitability in 2002.

A message from Palmer posted on the website said: "A small selection of co-buys is already available within a few weeks you'll have a whole new range of exciting products to choose from (sic). Our highest priority, however, is to deal with the backlog of customer queries and complaints.

"Those of you waiting for refunds or products will be contacted as soon as possible. I can't tell you how sorry I am for the delay and for the general lack of communication, both unfortunate consequences of the moratorium [threatened bankruptcy].

"Thank you for being so patient and please bear with us just a little longer while we sort everything out. Trust me, it will be sorted."