Tech news site pays the price for subscription-based service...
The451.com, the subscription-based technology news service, has run out of cash and folded.
A statement on the London Stock Exchange regulatory news service reveals that Durlacher - 451's main backer - has called in the receivers.
The site's name was a reference to Ray Bradbury's book Fahrenheit 451
- the temperature at which paper burns. However, cynics more readily referred to the451.com as the temperature at which money burns.
The site aimed to provide news and analysis to a paying audience. Subscriptions started at $600 per year.
One former employee of the company said: "It's sad but inevitable. They struggled to convince backers that they could sell something which was widely perceived as being available elsewhere on the internet for free.
Phil Jones, editorial director at competing news service Computerwire, said: "I'm not surprised and on a personal level it's sad news, they tried to do something different." Jones admitted it had been difficult to compete with free services over the last year but said of the451 "we didn't really feel their presence in the market".
The news is particularly unwelcome for internet investment vehicle Durlacher. Durlacher shares fell more than six per cent to 3.75p yesterday but were unchanged today.