TheStreet.com, the US online newsite is closing down its UK version, theStreet.co.uk, and cutting staff by 20% in the US, after investors refused to be sole cash backers.

It is believed that the main venture backers, Chase Capital Partners and Barclays Capital refused further funding on grounds that would be acceptable to the parent company. TheStreet.com owns 63% of TheStreet.co.uk. Instead of continuing with funding it has bought the shares of the UK company for $3m (€3.6m) in cash and 1,550,000 shares in TheStreet.com stock and subsequently closed down the UK site.