Web portal Excite UK is shutting down its operation and shedding its remaining 48 jobs after a last-ditch funding effort fell short, the company said on Monday.
The portal had been looking for a strategic partner for the past few months as its business suffered from the online advertising slump.
"The decision to cease trading is both unavoidable and deeply regrettable," said Excite UK managing director Rebecca Miskin. "Our priority now is to our users and our employees and to ensure that the closure is managed in an orderly fashion."
The company said any money left over from the shutdown will be split between BTopenworld, which owns 42 percent of the venture, and Excite@Home, which is looking to conserve cash in advance of its planned shutdown in the United States at the end of February.
News source: Reuters