End comes quickly for Iostar
EmptyIostar, the talent, production and distribution start-up that BSkyB head Dawn Airey quit the satcaster to run, announced Monday that it has gone into liquidation after failing to secure the requisite funding for its ambitious plans.
Airey, who had been associated with the venture since last year, quit last month just eight days after taking over the role of chief executive, citing breach of contract.
She is understood to have quit the company because it failed to raise about £35 million ($69.3 million) of the £55 million ($108.9 million) needed to finance the acquisition of a number of ventures, including the Models One model agency.
Before she quit, Airey called an emergency board meeting to suspend chief fundraiser Tim Carron Brown after he failed to produce the funding on which the venture was based.
"The board of Iostar has considered a number of options to continue the business according to a revised plan following its funding difficulties and the resignation of its chief executive," the company said in a statement Monday.
"However, it has not proved possible to implement such plans in the time available to the board having regard to the current financial position of the company. Accordingly, the directors have seen no alternative but to take immediate action to place the company into liquidation."
Iostar unveiled ambitious launch plans in November, with the promise to offer a new integrated model that would give more power to talent. The venture planned to launch a television production division, a celebrity management agency, a music publishing business and a film division. Airey and actor Stephen Fry are understood to be among a number of creditors.