Luxury website Luxup has ceased trading with a number of staff losing their jobs as a result of the business restructuring.
The invitation only site, which gives members access to luxury brands and offers services such as exclusive retail experiences, limited edition collections and exclusive products, is still live but is not transactional.
Staff were told of the move on Thursday night (February 28) and some members of staff have lost their jobs.
It is believed the founders are looking at new business partnerships and propositions.
The company said: “Luxup is restructuring the operations of the organisation and reviewing strategic options.”