Web portal Excite UK is the latest to join a long list of flop-coms after announcing that it could not find eleventh hour funding to save it from collapse.
A joint venture between BT and the beleaguered US broadband supplier [email protected], the portal had been looking for another partner for months, but its failure to secure help, and a slump in advertising revenue, has meant that the company will close with the loss of more than 48 jobs.
Managing director Rebecca Miskin explained that the decision to close was regrettable but unavoidable. "Our priority is now our users and our employees to ensure that the closure is managed in an orderly fashion," she said.
Money left over from the closure will be split between BT Openworld and [email protected], which has announced that it will be shedding 400 jobs in the US.
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