Dotcom casualty finds a buyer

Barring last minute disasters, it looked certain on Friday afternoon that last week's second dotcom casualty Net Imperative would be sold as a going concern.

Sources familiar with the sales process said the web community website's owners, brokers Durlacher and internet incubator eSouck, had provisionally accepted an offer for Net Imperative's assets and that the deal had only to be formalised before an official announcement was made.

The new buyers are described as a consortium of internet companies that include at least one venture capitalist. vnunet.com's source said the Net Imperative name would be retained along with at least some of its existing board. Suggestions that directors had bought the firm in a management buyout were dismissed.

Liquidator Kroll Buchler Phillips was appointed as provisional liquidator for £2m-valued Net Imperative, following a board meeting on Monday that followed reports last weekend that the firm needed £800,000 more funds to continue. Brokers Durlacher had a 28.5 per cent stake in the firm worth £570,000 with other funds from venture capitalist Esouk.com.

Whatever Net Imperative's long term future, it seems that this week's episode will be labelled as a hiccup when the names of investors changed, but not the firm's business.

Indeed, much of the limelight focused on £2m Net Imperative came through the timing of its slide into liquidation. The firm's troubles represented the first aftershock of £90m online retailer Boo.com's catastrophe, the first major European dotcom business to fail.

Throughout its five days in administration the firm's editorial staff had continued to produce stories for the Net Imperative site, even urging visitors to sign up for its investment newsletter.

Meanwhile, rumours were growing this afternoon that liquidators had found a buyer for Boo.com with an announcement expected over the weekend.