News | Reconstruction & Insolvency

Thursday 9th August 2001

SJ Berwin acted for PricewaterhouseCoopers the liquidators of PeopleNews, the celebrity gossip website, in the sale of its business to a third party.

The website, led by former Tatler editor Jane Procter and Andrew Neil (former editor of The Sunday Times and editor-in-chief of the Scotsman Group), was launched eight months ago with £5m funding. However, PeopleNews, backed by US venture capital company Syntek Capital, failed to deliver the required revenues. Unable to find extra investment, the website went into liquidation yesterday. The sale means that its 250,000 monthly users will be able to continue to satisfy their appetite for celebrity gossip.

SJ Berwin's team consisted of Reconstruction & Insolvency partners Adam Plainer and Stephen Maffey, together with senior assistant Andrew Clarke.

SJ Berwin's Reconstruction & Insolvency Group has built a strong expertise and reputation in e-commerce related matters after acting in relation to various dot.com companies including, E.exchange, Foodoo, Breathe and h2g2.