Yet another major UK property website has gone the way of the fairies, with the UKpropertychannel.com this time falling victim to the receivers.

The website specialised in hosting microsites for estate agents, and claimed to hold a 20 percent share of the market, with the 138-office Reeds Rain chain being the largest of its customers.

The company had existed under various guises, including UK Homes Online Ltd (not to be confused with the successful Homes Online website) and Video Promotions (UK) Ltd, all of which were part of a group called TPN Holdings. It was financial difficulties at the holding company that forced the receivers to be called in on 4th January.

In what is a prevalent, but rather dubious British practise that allows a business to go bust and re-emerge relatively unscathed while creditors count the cost, the assets of the company have been sold to a company set up and staffed by 6 former employees of the company. Despite the loss of 22 jobs, the new company, Estate Software, intends to keep all of the estate agents' websites active, though they will be expected to pay around £50 per month to keep them in operation.

One of the new directors, Lisa Seed, who was instrumental in finding funding for the 'new' venture when the 'old' one ran into difficulties said: "We are currently in the process of contacting all the estate agencies involved. We intend to give them a far better service than provided by the UK Property Channel."

Bold sentiments, but it remains to be seen whether the agents - who did not previously have to pay for the service due to advertising revenues generated on the microsites by the UK Property Channel - will be convinced.