online business trading platform Just2Clicks.com last night said it would offload three websites in an effort to halve spending.

The move comes as the Newcastle firm primed itself to make a major acquisition or even consider offers for the company.

Just2Clicks, which is due to be renamed J2C next week, has seen its share price plunge since floating last year, and says it is taking steps to boost value for shareholders.

The company spends £650,000 a month, but will halve that figure by disposing of three subsidiaries, Webfreight, Pulp&Paper.-Net and Granite Rock.

The websites provide an e-commerce trading platform allowing firms in a particular sector to do business with each other.

Karl Watkin, chief executive, said the restructuring would position Just2-Clicks to deliver a major transaction for the group.

"We are taking action today to refocus the business in an unpredictable emerging market."

Mr Watkin added that the company still had cash reserves of £40.2m following its £50m flotation last February.

"We continue to manage our cash position effectively and intend to take advantage of the opportunity which our strong cash balance represents in the current market."

Last month, Just2Clicks revealed it had adopted a more prudent approach in the summer after seeing the dotcom bubble burst.

It has made major cash savings but also admitted it had encountered lower than expected trading levels on some of its websites.

It will now concentrate on three operations, BestValueZone, Translinx and e-cement.

One of the best performing websites has been e-cement - a joint venture with cement group Blue Circle - which has seen more than $700m (£478.2m) worth of goods and services traded since March.

The restructuring was welcomed by the City yesterday and shares in Just2Clicks rose six per cent , or 1p, to 30p.

The price had peaked at 244p last year.

The company attracted national attention a year ago when it was reported that it made Alan Donnelly, former North-East MEP and Labour leader in the European Parliament, a paper millionaire just weeks after his initial investment of £1,260.