Excite UK to close

Excite UK is to close after failing to find a buyer.

The company says it will cease normal trading at the end of this week.

Excite announced last month that it was seeking a new investor.

It also revealed then that closure was a possibility should a buyer with an acceptable offer not be found.

In a statement, the company says: "Having completed a 30-day consultation period with employees, Excite UK regrets that it is to make all 48 staff redundant as a result of the closure of the portal, www.excite.co.uk."

Rebecca Miskin, managing director of Excite UK, says: "The decision to cease trading is both unavoidable and deeply regrettable.

"Our priority now is to our users and our employees and to ensure that the closure is managed in an orderly fashion.

"I am saddened by this decision and would like to express my gratitude to the hardworking, committed team here at Excite UK."