U.K.-based digital music service Bloom.fm is throwing the towel and putting its assets in the hands of a liquidator after an eleventh-hour plan to sell the company fell through. Bloom announced earlier this month that it would have to shut down, but said at the time that it was trying to find a buyer.
Here’s how Bloom CEO Oleg Fomenko put it in a release sent out Wednesday:
“After Bloom.fm was placed in administration we received incredible amount of support from our users and a lot of commercial interest from prospective buyers. One offer stood out in particular, as it would have allowed Bloom to continue in the spirit we originally intended. We have worked furiously on finalising it, but unfortunately, due to very tight timelines and complexities associated with the administration process, the deal fell through at the last minute.”
Bloom.fm had more than one million registered users in the U.K., but was dealt a blow earlier this year when Apple prevented it from using its iAd advertising network.