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Boo.com may face DTI probe

Failed e-commerce site may have to account to DTI for its vanished millions
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Written by Matthew Broersma on

Boo.com may face an investigation by the Department of Trade and Industry(DTI), according to reports.

Business Web site Thisismoney.com said the DTI is considering investigating how Boo managed to run through £85m in venture capital investment in just 18 months of existence, amid reports of lavish spending on frills for Boo's 300 staff. The DTI would neither confirm nor deny whether it would investigate.

Boo's core technology has already been sold to Bright Station, and its domain name and brand to US site Fashionmall.com.

A while ago there was a flurry of commentary about the significance of the stock market crash(es) on the viability of emerging dot com business. It has now had a knock on effect on the real world, as increased suspicion about the future of the dot com has made investors less keen to part with their money. Read the news comment from Tony Westbrook at AnchorDesk UK.

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