J2C brought to a close

UK B2B start-up J2C has finally and said it will wind up the business and pay £35m back to investors.

The online marketplace vendor, which signed deals with the likes of Oracle and set up the world's first online cement exchange, said it will close most of its business forthwith.

However, it says it is still trying to sell one section of the business - called BestValueZone - as a going concern.

J2C - formerly known as Just2Clicks - in February said it would be closing its businesses if it couldn't find buyers for them.

In a statement to the London Stock Exchange today the company said it had not been able "to find a transaction which [it] they felt appropriate to recommend to shareholders".

J2C blames the failure on a slow take-up of the B2B model by businesses.

However, this explanation glosses over the fact it managed to haemorrhage £35m on revenue of just £700,000 in the last 6 months.

J2C currently employs 58 people, down from 135 people last September. In today's statement there was no word as to the fate of the remaining employees.

Shareholders will receive part of the firm's £36m cash reserve - with between £33 to 35m to be doled out to investors.

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