Original URL: https://www.theregister.com/2001/05/15/titsup_madge_web_staff/
Titsup Madge.Web staff to be saved
'It's not a dotcom venture with no revenue'
Posted in On-Prem, 15th May 2001 14:32 GMT
The fate of Madge.Web and its staff looks set to be sealed by the end of next week.
Receivers Price Waterhouse Coopers expects to name a preferred bidder for the UK company next week. It also hopes to save all 170 British jobs at the Web hosting company, which fell into administration last month.
A PwC representative said today there were "quite a few interested parties" vying to buy the outfit, adding that these were currently being narrowed down into preferred bidder status.
She said PwC expected to name a preferred bidder by the end of next week.
"The company has real assets. It is not to be confused with a dotcom venture with no revenue stream," said the representative.
"We expect and hope to save jobs. And the way things are going at the moment, there is every possibility of that."
Madge.Web was previously owned by Madge Networks, which poured more than £100 million into the UK business and its five sister companies worldwide. ®