From the Financial Times this morning…

From the Financial Times this morning: in Administration

“, one of the pioneers of the UK internet sector, yesterday followed many of its long-gone peers into administration as financial pressure led the company to file for protection as it sought a buyer. Tony Blin-Stoyle, founder and managing director of the company that provides local information to users, said the company had chosen a “prudent course of action” that he hoped would give it time to find a buyer. “We have filed for admini-stration, but still have time as we are fully solvent while looking for a buyer,” he said. Upmystreet developed a reputation for high-quality database technology that made use of the internet’s ability to link people with information relevant to them and won a string of awards. Its website links consumers to postcode-based information such as council tax rates, house prices and local businesses, while its commercial services help business and public sector bodies organise their web-based information. The group, owned in part by News International, BSkyB and NM Rothschild, earns annual sales of about £2m but has suffered from the media and technology slowdowns.”