The Scottish-based on-line off-licence Lastorders.com has appointed
receivers and has today announced its closure after trading for
just 14 months. According to reports, investors stand to lose up to
£1.25 million.
Business AM today writes that the privately owned company set up
in 1999 by Ian Gardiner and James Oliver is now trying to sell its
assets, including its domain names.
Gardiner and Oliver blamed the demise of the company on the
reluctance of its existing institutional investors, Royal Bank of
Scotland, Aberdeen Asset Management and Scottish Equity Partners,
to support the diversification of the company into the B2B
sector.
However, the team hopes to shortly launch its new business which
will focus on the provision of ASP technology and infrastructure
solutions to large consumer goods groups to sell and deliver to
international customers through the internet, digital TV, phone and
direct mail.
Co-founder James Oliver said:
“The sluggish B2C market conditions allied
with the rapid evolution of our business towards major brands, has
made it difficult for some of the company’s institutional investors
to provide the required support within the existing funding
agreement for the development and expansion of our groundbreaking
ASP and B2B sales channels.”
The company’s drinks sales peaked at £250,000 per month over the
Christmas period. Instead of expensive advertising, the company
tried to rely on e-mail marketing and word-of-mouth.
