Jobs go as e-commerce firm fails

Some e-tailers like boo.com have failed

A Belfast based e-commerce company is closing with the loss of 83 jobs.

Lution Ltd, which was established to match new IT business ideas with international capital, made the announcement on Wednesday morning.

A further 18 jobs will go at its parent company B.I.C Systems Group following a restructuring programme.

The group has blamed the closure on the sudden collapse of confidence in the worldwide dot.com sector, following the failure of several major technology companies in recent weeks.

It is thought the high-profile collapses have made it increasingly difficult for investors to judge the value of high-tech stocks.

Restructuring programme

The core business of B.I.C. Systems Group Ltd remains unaffected by the closure. The company is a IT services and products provider.

A company spokesman said that after the restructuring, B.I.C Systems would employ a total of 160 people, based mainly at its group headquarters at Belfast's Harbour Estate.

Established in 1984, the independently-owned company is said to be a leading player within the IT sector and remains of the Ireland's largest IT services companies.

However, a Belfast financial analyst has said he believes it may not be the last dot.com victim in Northern Ireland.

Patrick Mahony from BWD Rensburg said: "There has been a huge reaction in the last few months against hi-tech companies, in general, and in particular against companies that are not making money.

"The story now is that all hi-tech glitter is perhaps not gold."