FOL Networks to cease
FOL Networks to cease
FOL Networks has started liquidation proceedings after failing to find a buyer for its internet portal, Farming Online.
The company was pinning its hopes on selling its core assets to fund four patented software applications under development.
But Farming Online, FOL Networks flagship, has failed to attract any firm offers in the three months it has been up for sale.
The company blames the poor agricultural climate and the terrorist attacks on the US. "We had some very attractive offers but, unfortunately, they fell away," says director Jonathan Jackson.
Directors were left with no choice but to wind up the company. Chartered accountant Baker Tilly has been appointed to advise.
Farming Online was founded in 1995, making it the UKs oldest agricultural internet portal. It will now be sold to the highest bidder. FOL Networks is expected to cease at the end of November. *