Media start-up Iostar goes into liquidation

Iostar, the start-up multi-media company that was briefly headed by Dawn Airey, is going into liquidation. The decision comes after the company failed to secure backing for the acquisitions a range of media businesses.

The collapse of the company comes just weeks after Airey, the former managing director of the Sky Network, resigned citing breaches in her contract.

Iostar’s business plan relied on it raising between £15m and £20m to buy businesses including a modelling agency and production and distribution companies. It failure comes despite the high profile board members such as Stephen Fry and former Zenith Europe chairman Tim Wootton.

The liquidators will be appointed on May 25 and its creditors have already been informed.

The company was launched last autumn by Hit Entertainment co-founder Mark Grenside and entrepreneur Tim Carron Brown.