WeShop makes first share buyback payouts to shoppers, but delays IPO

The shoppable social network said early customers on the platform have seen share buyback payouts of between £250 and £9,000.

Community-owned social ecommerce platform WeShop has said it remains on track for an initial public offering in New York next year despite market turbulence as the UK tech firm sets its sights on cracking the US. (WeShop/PA)

Community-owned social ecommerce platform WeShop has handed out its first share buybacks, with one shopper netting £9,000, but the UK tech firm revealed it is putting back its flotation plans due to stock market turbulence.

The world’s first shoppable social network, which is owned by customers, is pushing back its listing to the end of the year, if market conditions allow, having originally planned to float by July.

Chairman Richard Griffiths told the PA news agency the delay is due to market volatility sparked by the collapse of US lender Silicon Valley Bank in March.