Web portal Excite UK is shutting down its operation after efforts to raise finance failed funding effort fell short.
In a statement the company said it would cease normal trading at the end of the week.
The portal, a joint venture between American broadband provider Excite@Home and BT, had been looking for a strategic partner for the past few months as its business suffered from the online advertising slump.
"The decision to cease trading is both unavoidable and deeply regrettable," said Excite UK managing director Rebecca Miskin in a statement.
"Our priority now is to our users and our employees and to ensure that the closure is managed in an orderly fashion."
The company said any money left over from the shutdown will be split between BTopenworld, which owns 42 percent of the venture, and Excite@Home, which is looking to conserve cash in advance of its planned shutdown in the United States at the end of February.
Nearly 50 people are expected to loose their jobs in the closure
Last week, Excite@Home announced it would reduce its US staff by 400, or 30 percent.