7 Sep 2007 12:00
YooMedia PLC
Closure of "Avenues" dating subsidiary
YooMedia PLC (the "Group") announces the cessation of trading of its subsidiary company FinLaw 532 Ltd which trades under its brand name, Avenues.
Avenues was a dating agency providing services to its target audience of professional and affluent clients. At the time of the preliminary results on 29th June, the company disclosed that this business was not meeting expectations and that strategic options were being explored as part of management's policy of restructuring and repositioning the Group's operations.
The board has decided that Avenues is no longer viable and has committed it to receivership as part of the process of re-aligning the Group for future growth.
Neil MacDonald, Group Managing Director, commented:
"Our Chairman's statement in June discussed our efforts in the past year to change the operations to enable us to focus exclusively on those aspects of the business which will produce long term sustainable returns for shareholders.
"Today's action, although regrettable, was necessary from an economic standpoint. Despite our efforts over the last few months, the predominantly offline Avenues business is no longer sustainable in the face of increasing competition from online services. Our online dating business under the Dateline brand continues and we look forward to announcing more positive news in the months ahead."
YooMedia PLC +44 (0) 207 462 0870 Neil MacDonald, Managing Director Nexus Financial Ltd 020 7451 7068 Nicholas Nelson/Kathy Boate Nicholas.nelson@nexusgroup.co.uk Seymour Pierce Limited +44 (0) 207 107 8000 Mark Percy
YOOMEDIA PLC