Only three staff had remained at in60 until the end. Investors are not expected to recover any of their £1.1 million investment, according to a report in today’s edition of BusinessAM. Ernst & Young told BusinessAM that interested parties had come forward but were not willing or able to meet the undisclosed asking price.
Ian MacCallum who founded the business last year blamed the company’s failure on investor sentiment. In60 launched in Edinburgh and claimed to be profitable there when it later rolled out its service in Glasgow. It had 18,000 registered users.