Ailing Bebo Bought In Auction

Bebo is on the verge of being relaunched following an auction in which one of its founders bought the firm for £657,000.

The site sought bankruptcy protection two months ago and Xochi Birch has purchased it from receivers.

Bebo was a hit in its early years and was sold to AOL for £558 million in 2008, but a drop in interest saw it sold on for a fraction of that two years later.

After announcing the deal, Mr Birth tweeted: "Can we actually reinvent it? Who knows, but it will be fun trying."

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