Cube8 fledgling dies
Another day, another dotcom failure
Net investment outfit, Cube8, has revealed that Web Street Limited - which developed software to build online shops - has ceased trading and is looking for a buyer.
Cube8 had invested £250,000 in Web Street for a 25 per cent stake in the company.
No one from Cube8 was available by press time.
In a statement, Brian Hindson, CE of Cube8 said: "The portfolio remains under regular review and the board's policy is to be decisive in cases where we do not see an economic return.
"The Web Street technology is very good, but the company was not able to translate that into a sustainable revenue stream," he said.
A statement from Web Street to its customers said: "We regret to announce that as of 14 February 2001 Web Street Limited has ceased trading.
If you have a Web site hosted with Web Street it will continue to operate as it stands for the foreseeable future however no further technical or customer support can be provided."
However, a few days later an email from Antique Street was sent out to former Web Street customers.
This said: "We should like to introduce you to the Antique Street shop building service.
Whilst we specialise in shops for the Antiques & Collectables Trade we also have the facility to host other e-commerce shops.
We use software that may already be familiar to you. Shops can be built from existing images and text direct from your own P.C. should you wish, and within the next few days it may be possible for you to transfer complete businesses to the Antique Street shop building service.
We invite you to look at our site www.antiquestreet.co.uk and see if this service meets your requirements!
One former customer, trying to get his domain name back from Web Street, said: "The website and services offered, layout, colours etc are exactly the same!
Except Antique Street only offer the free service to clients selling antiques and collectables, therefore our site has vanished!" ®