EarthPort in line for offline payment

NEWS Online payment scheme company EarthPort is reported to be on the verge of a deal to save it from its rapid decline. A private equity group is thought to be interested in a 29.9 per cent stake in the company, which would go some way to solving its funding problems. Attention was drawn to the company's financial troubles by the resignation of CEO, Jonathan Baile, although he cited personal reasons for his departure. Baile was accompanied by three independent non-executive directors - Carlisle Procter, Phillip Lynch and the Earl of Shrewsbury and Talbot. New management will be brought in by the investment organisation. After raising £26m on flotation last year, the company fell short in working capital last July after the launch of its payment platform was delayed. Shares in the Aim listed company were suspended. It has reportedly spent most of the funds raised by the flotation.