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TheStreet.co.uk closes

TheStreet.co.uk is closing highlighting again the pressures facing financial websites.

The decision comes two weeks after Jagnotes, another US news website, closed its European site and a day after UK website Interactive Investor International reported a 15 per cent fall in quarterly revenues.

TheStreet.co.uk was launched in February, backed with £10.6 million from venture capitalists including Chase Capital Partners and Barclays Private Equity,

However, it has been losing £350,000 a month and was set to run out of money by the end of the year.

Under the terms of the closure TheStreet.com will pay its venture capital partners £2million in cash and £1.25 million in shares.

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