EasyEverything, the high street chain of internet cafes, has hit hard times, narrowly avoiding having to declare itself bust with a personal cash injection of £15m from its founder, Stelios Haji-Ioannou.
Formed during the dotcom boom of the late 90s, the first store opened its doors in Victoria, London in June 1999. It was quickly followed by a succession of other stores across London and Europe.
Analysts say the company's future looks bleak, with some European branches closing, possibly followed by others outside London.
Staff cuts may follow, in a bid to keep costs low and the company afloat.
The cash injection from Stelios, in return for 1.5 billion new shares, has resulted in him holding a 95 per cent stake in the company.
Shares given to employees as part of their pay package have become effectively worthless.
The £15m cash injection results in the company's valuation being a dismal £15.8m, and it may require more funds just to stay afloat. This is partly due to the fact that, currently, the cost per customer is still higher than their spend.
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