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Excite UK Ltd - a joint venture between Excite@Home and BTopenworld - is to cease trading at the end of the week, it confirmed today.

Some 48 staff will be made redundant as a result of the company's closure.

News of Excite UK's demise was not unexpected. Like many other dotcoms it's been hit by the economic downturn and the global decline in advertising revenues.

Last month the company said that it faced closure unless new investment could be found.

In a brief statement issued this lunchtime, Rebecca Miskin, MD of Excite UK, said: "The decision to cease trading is both unavoidable and deeply regrettable.

"Our priority now is to our users and our employees and to ensure that the closure is managed in an orderly fashion.

"I am saddened by this decision and would like to express by gratitude to the hard working, committed team here at Excite UK." ®

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