Independent News & Media (INM) is to close its online coupon business with the loss of 24 jobs.
The company said its decision to shut the site, which has been trading under the GrabOne brand for less than five years, was made for commercial reasons.
As a result of the move, no further vouchers or deals will be offered by the site, however existing customers will have all deals still in the system honoured.
Unredeemed vouchers held by consumers can still be used at the relevant trader, in line with the normal terms and conditions of the vouchers.
Equally, any merchant who has a live deal, or who has a payment scheduled, will be paid in full and Independent News & Media said it would act as guarantor to GrabOne. The company is expected to close by the end of the year.
GrabOne has worked with almost 5,000 merchants since it was set up in 2011. However like many deal sites which rushed to enter the market after an initial flurry of excitement generated by the global success of Groupon, which was set up in 2008, it struggled to build a sustainable business model.
