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Freeserve takes a piece of the music retail action

Splashes out £2.6m on stake in CD retailer

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Freeserve is buying 15 per cent of UK online CD retailer InFront. The Dixon's ISP will splash out £2.6 million cash for its stake of the company, which trades as Streets Online and trades through the Freeserve portal. Freeserve said its existing business arrangements with Streets Online had been extended to September 2001. John Pluthero, Freeserve CEO, said: "Streets Online provides an excellent service to our CD and DVD buying customers. "This investment will enable us to profit directly from its growth and have an active voice in the development of its offerings." Last week Freeserve posted a pre-tax loss of £4.99 million on sales of £3.38 million. In September the company saw shares fall below the initial offer price to 135 pence. This morning the share price stood at 151 pence, one pence above its offer price. ® Check out our other Net finance stories at b>Cash Register

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