Aberdeen reselling firm Overhype, which operated a shop at The Green, has started a liquidation process.
Owned by 21-year-old Samuel Rattray, the business specialised in reselling sought-after trainers and branded clothes.
In the past month Overhype Ltd has appointed liquidators and The Green store has closed.
Mr Rattray set up a new business with Companies House, OH Scotland Ltd in August, and opened a new shop at the Galleria Shopping Centre in Bon Accord Street this month.
This has large OH lettering in its shop window and a neon pink Overhype sign.
Overhype debts notice
The premises at The Green are being offered for sale or rent through agents Ryden.
A notice in the window has a photograph of Mr Rattray and states: “The owners of this property accept no responsibility for debt from the above-named person and company.”
Paperwork filed at Companies House shows Mr Rattray agreed Overhype Ltd should be “wound up voluntarily”.
Kenneth Wilson Pattullo and Kenneth Craig, both of Begbies Traynor in Aberdeen, are joint liquidators.
A spokesperson for Begbies Traynor said: “The director reviewed the company’s financial position which confirmed that the company was insolvent.
“The company was, therefore, placed into a creditors’ voluntary liquidation on 3 October 2023.”
Overhype liquidation – director statement
Mr Rattray was asked why he is liquidating Overhype Ltd and the extent of debts in the business.
There have been dozens of one-star reviews left for the business on Trustpilot, with many mentioning money or goods being owed.
He did not detail the level of debts or any job losses made.
Mr Rattray said: “I’ve been told by my solicitor to not comment on anything at this moment in time because there is an ongoing legal situation with my previous landlord.
“The company trading at The Green was Overhype Ltd and has now been put into voluntary liquidation. We are now trading as OH Scotland at the Galleria.
“I’ve been advised by my solicitor and the liquidators not to say anything further.”
Using social media, he informed customers of the move in premises.
The post said: “This decision was made with the aim of optimising our operations and enhancing your shopping experience both in store and online.
“This shift allows us to put a stronger emphasis on our online presence, adapting to the evolving retail landscape post-Covid.”
From school side hustle to shop
Mr Rattray previously told The Press and Journal that he sold his first pair of shoes, sought-after Kanye West’s Yeezy trainers, when he was just 14 years old.
He gained thousands of social media followers while trading as a pupil at Bucksburn Academy.
He turned down offers from city universities to set up a physical retail premises.
The first Overhype store opened four years at the Galleria Shopping Centre before moving to The Green in November 2020.
The shop suffered an early blow when it was broken into two weeks after opening.
It has supplied celebrities such as YouTuber KSI and rapper AJ Tracey.
In May Mr Rattray said the business was feeling the impact of the cost-of-living crisis, with customer spend falling from £130 to £85.
At the time he said issues with customers owned money had been resolved and he had changed his policy to paying immediately in cash for goods traded in.
Conversation