LFGSS and Microcosm shutting down 16th March 2025 (the day before the Online Safety Act is enforced)

Companies can be fined up to £18 million or 10 percent of their qualifying worldwide revenue, whichever is greater.

I imagine the first part could be avoided be setting up as a limited liability company.

Criminal action can be taken against senior managers who fail to ensure companies follow information requests from Ofcom. Ofcom will also be able to hold companies and senior managers (where they are at fault) criminally liable if the provider fails to comply with Ofcom’s enforcement notices in relation to specific child safety duties or to child sexual abuse and exploitation on their service.

This is obviously more concerning although it isn't really clear what the responsibility is and it seems OFCOM haven't really decided yet either. I guess more will become clear in the new year when they launch the guidance tools for small companies but I can see why velocio may not want to bear this risk.