FITNESS WATCH THAT COULD NOT KEEP UP WITH RIVALS

STRUGGLING Fitbug has suspended trading on AIM after failing to meet a loan agreement.

The fitness firm, which has struggled against rival Fitbit, said it had been forced to cease trading after its lender Belastock Capital decided not to proceed with three further instalments of loan notes after its share price fell below 0.1p for five consecutive days.

Belastock had agreed to raise £1.1m for Kin Wellness – as Fitbug is now known – in four instalments across three years and a second loan of £255,000 was due to be issued sometime this month. The move forced Kin to suspend trading ‘pending clarification on its financial position’.

It’s the second time the company has taken such action after suspending trading in January shortly after announcing a major new customer.

At the height of its popularity in 2014 it was worth £296m.

Rival Fitbit yesterday unveiled details of its forthcoming smartwatch, which will feature more precise GPS tracking, a music player and biometric sensors.

Fitbug was founded in 2005 offering gadgets that monitor steps, distance walked and calories burned It was worth £296m at the height of its popularity in 2014 The rise of rival Fitbit and the Apple Watch hurt the company’s profits and it’s now worth...