Greenwich Mean Time, the company run by one of Britain's best known year 2000 gurus, Karl Feilder, is to close down its British office after delays in securing venture capital.

Bill Goodwin

The UK branch of the company, which employs 22 people, will be placed into liquidation on 31 May, only weeks away from a potential cash injection from US investors.

Feilder said this week that he was "99% confident" of securing venture capital funds for the remaining 6 companies in the Greenwich Mean Time group, which markets software in the US, South Africa, and other regions.

"The UK subsidiary of Greenwich Mean Time is no longer a viable entity and as a director of the company I have a legal obligation to do something about it. I have a legal advice and the UK company will go into liquidation on 31 May," said Feilder.

Greenwich Mean Time, which built its success on the back of its range of desktop management products.

The company has developed software to help businesses manage the operating systems of their networked PCs. Feilder, a popular music enthusiast, has also branched out into supplying software that allows fans to record music on PC hard discs.

Feilder said Greenwich Mean Time's UK branch had simply ran out of time. "You can't launch a new produce without a source of venture capital."

He added that Greenwich Mean Time's 22 staff had been made redundant, but that some would find employment with other parts of the group.

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This was first published in May 2000

 

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