Scoot completes sale of Loot

Scoot.com says it has completed the sale of Loot to the Daily Mail.

It acquired the UK's biggest classified advertising newspaper a year ago for £188.8m.

Scoot is still trying to sell itself or find a partner because it doesn't expect to make a profit in the foreseeable future as an independent company.

It was forced to sell free ads paper Loot to avoid running out of cash.

Scoot has had a turbulent year in which it fired staff; combined offices; sold its European venture to Vivendi for 1 euro (about 62p); and started charging clients to access its phone services to save cash.