A dotcom company that describes itself as "deliberately elitist" and finds jobs only for Oxbridge students and graduates, has bought out its struggling financial backer.

Oxbridgejobs.com was launched in April last year by former Oxford Union president Lucy Aitkens.

It received financial backing from DLA Recruitment, which then employed 70 staff, but which is now in administrative receivership.

The company has paid £1m for DLA's assets, leaving its creditors with unpaid debts of £4m.

Oxbridgejobs.com was described by academics as 'morally repugnant', according to The Sunday Times.

The report also accused Lucy Aitkens of 'dumbing down' the Oxford Union when she invited popular figures such as footballer David Ginola to speak there.

The company's chief executive David Williams said that DLA's financial troubles did not stem from having pumped money into oxbridgejobs.com, but from earlier attempts to expand internationally.

Before the collapse of DLA, Mr Williams had planned to float it and oxbridgejobs.com under the new name of LifeColour.

Lucy Aitkens originally acted as oxbridgejobs.com's student adviser, but has now returned to her studies.

Mr Williams added: "This is a turning of the tables with an Internet business buying its incubator.

"Since oxbridgejobs.com started working with DLA last year, DLA has made operating profits.

"But in view of the company's level of debt, we could not persuade potential investors to inject new capital."

Mr Williams is not an Oxbridge graduate, but studied international history at Leeds Uni- versity.