The woman’s online magazine The Pool – headed by Sam Baker and Lauren Laverne  has entered into administration after almost four years.

Baker who was an ex-Cosmopolitan editor and BBC 6 Music presenter Lauren Laverne founded the magazine in 2014 after seeing ‘a gap in a struggling but still crowded magazine market’ – and so took a gamble with an idea they hoped would revolutionise the way people consume content online.

That gamble failed to pay off however leaving its journalists being laid off having not been paid for January and scores of freelancers unpaid for several months.

The Pool’s editor Cate Sevilla said in a series of Twitter posts: “I don’t really know what to say. I’m absolutely gutted. This has been an extremely frustrating situation, and I’m heartbroken for my team. For our freelancers. For our readers. I always wanted to work at The Pool, and I can’t quite believe what’s happened.”

Shocked readers paid tribute to the magazine on and expressed sadness its demise.