Letsbuyit wants £48m to help it into the black
Wowgo.com is Wowgone
Letsbuyit.com is looking for E80 million (£48 million) from investors to tide it over until it can get back into the black.
Sales for the three months to 30 September were up 28 per cent on the previous quarter at E9.3 million (£5.6 million). Most of the business was from Germany as UK sales are flat.
The company cut marketing spend in the quarter to E9 million (£5.4 million) from E29 million in the previous three months. Losses were down to E26.4 million from E43.3 million in the previous period.
Letsbuyit spends almost E1 to attract E1 of revenue.
Wowgo.com, the net site aimed a teenage girls, has shut up shop after failing to get any additional funding.
The site was set up in June with backing from Unilever and venture capitalists Durlacher. The business is in talks with potential buyers.
Autonomy has posted Q3 profits of $6.5 million, compared with a loss of $2.5 million for the period a year earlier. Sales rose to $17.6 million from $6.1 million. ®
To tune into more dotcom blues visit Cash Register.