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The BBC's John Moylan reports
"The gradual wind down of Click Mango is in contrast to the demise of Boo.com"
 real 56k

Tuesday, 5 September, 2000, 13:41 GMT 14:41 UK
Clickmango goes under

Actress Joanna Lumley was an investor in Clickmango
Online health and beauty site Clickmango has confirmed that it is definitely closing down on Monday 11 September after the failure of last-minute attempts to find a backer.

The firm was founded a year ago by Toby Rowland, son of the late tycoon Tiny Rowland, and Robert Norton.


Rather than risk insolvency, we must now close the business to meet our contractual obligations to our creditors and to our staff

Clickmango's Robert Norton
It quickly raised the 3m it needed for its April launch but has since been unable to raise funds to keep going.

The company, which is fronted by actress Joanna Lumley, had hoped to find a white knight to provide investment.

Clickmango says all creditors and the 18 staff will be paid off.

Time out

Robert Norton said: "We have spoken to all of those who have shown interest in acquiring or investing in the business.

"However, time is the biggest issue.

"Rather than risk insolvency, we must now close the business to meet our contractual obligations to our creditors and to our staff.

"We have had a great deal of support over recent months and it is extremely important that we honour our agreements."

Internet blow

The collapse of Clickmango - although not as spectacular as the demise of Boo.com - is a further blow to the online retailing sector.

Online clothing seller Boo collapsed in May through lack of funds, just six months after it launched to a huge fanfare of publicity.

Its new US owners, Fashionmall, have in fact just announced that Boo will relaunch next month.

But many internet companies have found it difficult to raise the cash they need to continue doing business since investor sentiment turned against technology stocks earlier this year.

Clickmango says its website will be taken down on Tuesday 12 September and its office will close at the end of the month.

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See also:

01 Sep 00 | Business
The return of Boo
18 May 00 | Business
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