Scoot completes sale of Loot

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

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.

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