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Millionaire Simon Nixon will no longer fund travel website venture based in Ewloe

DOT COM millionaire Simon Nixon has pulled the plug on funding for his latest internet venture, which at one time was losing £100,000 per month.

Simon, who set up Ewloe-based moneysupermarket.com, has accepted the business model behind Simonseeks.com is ‘not viable’ despite a £2m TV advertising campaign.

It had aimed to provide travel guides and holiday reviews written by experts, enthusiasts and celebrities.

The website will remain live and some of the management team are discussing how they can continue to operate on a smaller scale.

Simon, who lives in Chester, said: “We found that consumers are not yet ready to pay for professionally written travel content online and the amounts generated through the monetisation of the reviews through hotel bookings and page impressions is simply not sufficient.

“As a result we will not be commissioning any new content from our destination experts and my funding of the site will terminate. Our experts have all been notified and we will of course honour payments for any commissioned work to date.”

Simon had been relaxed about the web site losing £100,000 per month in 2009 and at that stage was confident it would eventually become profitable.

The current management team hope to grow the business virally and pay contributors through a revenue share scheme.

Simon added: “It has been an extremely interesting project to be part of and I do hope that the site continues as we have built up some incredible content since our launch.”

He continues in his role as executive deputy chairman at moneysupermarket.com and on his luxury house rental business www.SimonEscapes.com.

He has just bought a rental property in Deia, Mallorca .