PracticePeople In PracticeAdabra joins web scrapheap

Adabra joins web scrapheap

E-commerce provider Adabra last week became the latest UK dot.com casualty when it appointed Kroll Buchler Phillips as liquidator.

The UK’s first group trading or community shopping website was set up last yearto give customers an online shopping portal to pool their purchasing power andbuy at wholesale discount rates.

Liquidators Lee Manning and Andy Stoneman, both partners at Kroll, have sold thecompany’s assets including the company’s customer contracts for £220,000 toFrench company Uniondream.

Adabra had built some high-profile contracts with web portal Altavista andinternet service provider Lineone, and in February struck a retail partnershipwith online financial services provider Egg.

The liquidators said key venture capital investors pulled the plug on Adabraafter directors sought further funding, which they blamed on fluctuatinginternet stocks on Techmark and Nasdaq.

Lee Manning said: ‘Preferential creditors will be paid in full and there will besignificant dividends for unsecured investors.’

Links

Net Imperative joins Boo on web scrap heap

KPMG completes sale of boo.com

Adabra

Uniondream

Egg

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