Feeds

What's really going on at Zy.com

It's a pity

  • alert
  • submit to reddit

Providing a secure and efficient Helpdesk

On Friday we tried to find out what on earth was happening Zy.com. An ad had appeared in the FT saying it was in the hands of administrators and the site was up for sale. Five hours and about 15 phone calls later we were none the wiser as no one would talk. We pointed this out in an article.

Well, it's Monday and sure enough we get a phone call from Zy.com co-founder Nova Fisher and also from the administrators RSM Robson Rhodes. We believe Nova when she says she never got a message that we had called and actually was in a meeting, we're not sure we believe the administrators when they say the same thing.

However, that's by the bye. Yes, Zy.com has run out of money. And the reason is because a load of investors pulled out of the last minute, quoting "market conditions". Nova assures us that a second round of funding was all go (the first was for £5 million almost exactly a year ago). The same investors as previously (including some big boys, it would seem) said they would stump up more cash and even told the bank so. Then, in an instant, they changed their minds and Zy.com was left teetering on a cliff. Robson Rhodes corroborates that the announcement was unexpected and the first it knew about it was late on the Friday before Christmas.

Zy.com is a great site and does 14 million hits a month. It allows people to design Web sites online using some nice technology, which it calls modules. It was running at a £200,000 per month loss, mostly due to software development.

Nova says that fortunately they managed to save one aspect of the site - Zymodules - sold for an undisclosed figure to Xira.com, which is privately owned by the other co-founder's sister. But Zy.com is gone and up for sale to the highest bidder. Robson Rhodes reckons it has a hot property on its hands and we're tempted to agree - it will continue running the site until it is bought. The money will go to creditors, with a flat fee to Robson Rhodes.

Meanwhile, Nova and Charles Moir will continue to work for Zymodules. The ISP wholly owned by Nova, ZyNet ltd, which owns a load of other Zy-based URLs is unaffected and legally entirely separate from Zy.com, however Nova did admit to being "very sad" that Zy.com had disappeared so quickly. "I'm still not over it," she told us. ®

Related Story

Zy.com up for sale

Providing a secure and efficient Helpdesk

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple's iPhone 6 first-day sales are MEANINGLESS, mutters analyst
Big weekend queues only represent fruity firm's supply
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Bill Gates, drugs and the internet: Top 10 Larry Ellison quotes
'I certainly never expected to become rich ... this is surreal'
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
EMC, HP blockbuster 'merger' shocker comes a cropper
Stand down, FTC... you can put your feet up for a bit
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.