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.