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NET IMPERATIVE GOES BUST

News, 23 May 2000


Hard on the heels of Boo.com’s demise comes another shock for the beleaguered technology sector - the voluntary liquidation of Net Imperative, an online business news and information specialist servicing Britain’s New Media sector.

The company blamed its failure on too-rapid expansion over the last few months. It was formed only last November and its website went live in February.

Although it claims it will keep the site up and running for the time being, Net Imperative has called in insolvency practitioners Kroll Buchler Phillips to assess its financial situation. Compared with the profligacy of Boo.com, Net Imperative has been restraint personified, raising a modest $1m - $2m to finance the venture. It declined to say whether its financial backers had bailed-out. They include stockbroker Durlacher which paid around £570,000 for a 33% stake in the start-up.

The company is chaired by Albert Scardino, husband of Pearson chief executive Marjorie Scardino.

News source: BBC Online Business News (UK)