The451.com is not dead (but very poorly)
Durlacher severs lifeline
Paid-for online IT news serviceThe451.com is in urgent talks with potential investors to continue in business.
Last week, Durlacher, the niche investment bank and lead backer in The451.com, told the publishing business that it was pulling the plug.
But Paul Taylor, managing editor of The451.com, said that reports that the news service was folding were "exaggerated" and that it was continuing to publish stories today.
He "didn't know the details" of what was happening and refered us to chief executive Martin McCarthy, who wasn't available for comment.
McCarthy is talking to investors, Taylor told us, and an announcement about the future of the business can be expected later this week.
In July, The451.com reduced its headcount by 20 per cent taking its headcount down from 50 to 39 and axing satellite offices in Hong Kong, Germany and Australia.
Durlacher posted a £43.2 million loss last week, after writing down the worth of its investments. ®