Five jobs have been lost after a marketing agency entered liquidation, with creditors set to lose out on £150,000.
Social platform Traded Network, which operated as Desire Marketing following a merger in 2016, went under after struggling to find new clients, according to liquidator Jamie Playford of Leading Corporate Recovery.
The company had bought Desire as a way to generate income to fund an unsuccessful social fundraising system, which aimed to link businesses with community projects and charities for the benefit of both.
Mr Playford said nearly £90,000 of the firm's debts were to its directors.
But uptake of the platform by businesses was less than projected and in 2016 the firm expanded by purchasing existing agency Desire Marketing.
However, a lack of new clients and cash flow problems led to a failure to pay HMRC, Mr Playford added.
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