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Scoot.com seeks buyer, new partner
Losses stack up
Scoot.com is looking to find a buyer for its business or a strategic partner to inject capital into the operation, the Yellow Pages-like outfit confirmed today.
Announcing depressing figures for the first half of the year the troubled dotcom said it would have to consider its options if it could not sell the company or attract a strategic investor.
In the six months to June, Scoot.com generated gross revenues of £20.5 million.
However, pre-tax losses came in at £171.6 million although that includes £108.4 million written off for its classified ad business Loot.
That's currently in the process of being sold to the Daily Mail for £45 million. If it gets shareholder approval at the end of the month the disposal is expected to be finalised at the beginning of October.
The company said it has already received backing from around 21 per cent of its shareholders for the sell-off.
If this planned disposal does get the green light then Scoot.com will have some breathing space and enough cash to see it through to next spring. If not, Scoot.com will be in deep trouble.
In the summer Scoot.com flogged its 50 per cent stake in Scoot Europe to Vivendi for 1 Euro - about 63p - in a bid to keep its business afloat. ®