- Net Imperative, the news and online community service, has collapsed and the liquidators have been called in.
Net Imperative had planned to launch a series of community websites. It's first netimperative.com focused on providing news and analysis on the internet community.
It is understood that Net Imperative failed to secure the cash it needed to continue trading successfully. Its failure comes only days after that of Boo.com, the urban sports retailer, which went under on Friday.
Following a board meeting this morning Kroll Buchler Phillips has been appointed as liquidator. According to a statement, the Net Imperative site will continue to operate as Kroll Buchler Phillips assess the situation and seeks to find a buyer for its assets.
Rumours that Net Imperative was in trouble first appeared on Saturday. Press reports said that its main backer Durlacher, the internet investment fund, was unlikely to provider the £800,000 needed for it to continue.
Durlacher held a 28.5 per cent stake in the company. Other investors included the internet incubator, Esouk.com.
Net Imperative was a privately-held site chaired by Albert Scardino, the husband of Marjorie Scardino, the Pearson chief executive.
The company employed 24 people, 13 of whom were journalists.