Webswappers cash buyout of Granda backed Swapitshop Wednesday 15 August 2001 PDF Print Today Webswappers purchase rival SwapitShop, Granada Media’s flagship youth website, in an undisclosed cash sum. The purchase consolidates Webswappers position as the market leader in online swapping and will also see Webswappers continuing to build the UK’s largest virtual currency for kids, ‘Swapits’. Webswappers fought off tough competition to purchase the ‘eBay-like’ kid-to-kid online market place. SwapitShop made a highly attractive acquisition as the largest youth Internet site in the UK, with over 200,000 registered users generating in excess of 10 million page impressions per month. SwapitShop created its large following via offline and online promotion including a memorable TV campaign, giving them brand recognition at 63% for all children between 7 and 16. SwapitShop was shut down in June despite significant backing from Granada Broadband, the digital arm of Granada Media. Other backers included incubator GorillaPark, which had hoped to float the company for around £300m. Swapits, the unique virtual currency that allowed kids to bid for swaps without the need for cash, will continue to be redeemable against products put up for sale on the website and to be collected from promotional partners. Webswappers will honour all Swapits held by SwapitShop users and is already in discussions with a number of promotional partners about placing Swapits on their products. (SwapitShop’s promotional partners included Golden Wonder, who placed Swapits on 45 million Wotsit packets.) Jonathan Attwood, the Webswappers CEO believes that their strength has been in “running a lean, tight business that is ruthless in keeping costs down. We will continue using this model to develop the Webswappers/SwapitShop business into a powerful online trading community.” The Webswappers acquisition brightens the current picture of dotcom gloom, showing that well run business can be highly successful in the Internet arena. The business is already in discussions with a number of parties for its next round of funding. Note to Editors: Webswappers is Europe’s first and largest online swapshop. Allowing people to swap the things they don’t want for the things they do. Founded by entrepreneurs Jonathan Attwood and Emily Elton in 1999, Webswappers currently has 100,000 swaps online across 500 plus categories. From books to computers, cars to houses, toys to CDs, there is something for everyone. Webswappers boasts Nicholas Negroponte amongst its backers and advisors. Negroponte is founder and a director of the MIT media lab, a founder of Wired magazine and author of the best seller, 'Being Digital'. The site is also accessible through the world’s first WAP swapshop at wap.webswappers.com/ Webswappers is the world’s largest provider of ‘white label’ swapping services to other sites through its ‘powered by webswappers’ service. SwapitShop was launched in Sept. 2000. It has 201,000 registered and delivers in excess of 10 million page impressions per month making it the largest youth site in the UK, with more page impressions than AOL Kids, CITV, Fox Kids, Beano Town and Top of the Pops combined. Independent research by NOP indicates: 63% of all children between 7-16 have heard of SwapitShop 72% of children who use the Internet have heard of SwapitShop 57% of children between 7-16 claim to have seen SwapitShop advertising For further information: Jonathan Attwood, CEO webswappers.com Tel: +44 (0)20 7610 1575 Mobile: 07703 314997 Email: email@example.com This press release was distributed by ResponseSource Press Release Wire on behalf of SwapitShop in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.