e-Business rescued by £45m bid


Online business directory - - has escaped the breakers yard after selling its classified ads business, Loot, to the Daily Mail for around £45 million.

The deal still needs shareholder approval but the rescue bid does at least ensure that survives for a while longer.

As part of the agreement, the Daily Mail and General Trust plc (DMGT) has agreed to provide £10.5 million bridging loan which will provide £7 million working capital once repays £3.5 million in bank loans.

Had not entered the arrangement then it would have run out of cash by the end of the month.

Last month flogged its 50 per cent stake in Scoot Europe to Vivendi for 1 Euro - about 63p - in a bid to keep its business afloat.

At midday shares in had nudged up .47p (23 per cent) to 2.5p. ®

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