‘The Silicon Beach dream was a lie’: Onbuy quits home with parting shot
Technology company Onbuy has quit its home town of Bournemouth and hit out at the local council saying there is no support for the industry.
Chief executive Cas Paton took to LinkedIn to announce the news that the business will now mainly operate from London and New York.
He added that while Onbuy “will always” have an office in the south, the business is “no longer a Bournemouth company”.
The company had previously been headquartered at Dean Park Crescent in Bournemouth but is now registered at an address in Great Portland Street, London.
According to its most recently published accounts, for 2023, Onbuy generated a revenue of £21.5m, up from £11.7m, while it cut its pre-tax loss from £10.7m to £8.7m.
Onbuy boss: ‘There is no support for tech here’
In the post, Paton said: “As a tech founder, be careful where you setup your business. Not all cities and towns are equal – and some are working against you at every step. We are saying goodbye to Bournemouth.
“Bournemouth we tried, but the journey has come to an end and we have to part ways.
“We really tried to keep Bournemouth our HQ and believed in BCP Council’s vision for Bournemouth and ‘Silicon Beach’ but the truth is, Bournemouth is an under-invested, council-destroyed destination; high streets that are completely deserted, major homeless drug user problem worse than the streets of London or Manchester, a transportation nightmare, and the opportunity cost is just too great.
“There is no support for tech here in Bournemouth. The ‘Silicon Beach’ dream was a lie.
“We say goodbye to Bournemouth. We say hello to London and New York.
“We will always have a satellite office in the south, but we are no longer a Bournemouth company. Was fun while it lasted. We will miss the good old days.”
Bournemouth Council has been contacted for comment.