The finance director of the online investor’s news service TheStreet.co.uk has revealed the company has been ordered to close with more than a million still in the bank and revenue rising.
Speaking exclusively to Accountancy Age Bryan Levine revealed the company was closed after protracted negotiations between US parent company TheStreet.com and UK investors over share structures for second round funding had broken down.
The US parent then decided it could no longer bear the losses from the UK outfit and decided to pull the plug.
Levine said the parent had made the decision in order to reach profitability in the US where its share price has suffered substantial falls.
He said the environment for dot.com projects had changed markedly over the past few months and that attention had shifted to profitability.
‘We die as a business with some interesting metrics. We die with money in the bank; we die with 180,000 registered users and increasing. We have an average of four to five page views every month; we have talented people.’
He added: ‘It’s been a sad but brilliant experience we weren’t a failure, we were a victim of market conditions.’
Levine said The Street hit all its targets and was on course to meet its business plan despite losing a little under #10m since launch in February.
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