Murray calls time on Next Internet

One of Britain's top computer entrepreneurs is calling time on his latest venture after losing his Midas touch in the dot com downturn.

Jan Murray, the man who sold PC World to Dixons before making a second fortune at the height of the dot com boom, is closing Wimbledon-based Next Internet group.

Murray, 53, made £8.5 million from the 1993 PC World sale and a further £41 million when selling AIM-quoted internet service provider Internet Technology Group (ITG) to now struggling American group Concentric for £146 million in 2000. Then he invested in a series of technology related projects including Next, where he is non-executive chairman. Next took on a slew of former senior ITG staffers including former PC World co-founder Peter Venmore. Next development director Will Murray said the firm was being wound down after the failure of its loss-making financial website and primary investment moneywhispers.com.

The 10-month-old site closed on 31 December due to "the recent decline in the stock market and other circumstances beyond our control". Next's remaining staff are being redeployed to develop computer peripherals e-tail site xlshop.com in a move described a "return to our roots".