Price Drop and Bid TV in administration 229 employees made redundant
Will Wright and Allan Graham from KPMG’s Restructuring practice were today appointed joint administrators to sit-up Limited, the digital broadcaster behind Price Drop and Bid TV. The company’s two television channels, which broadcasted to more than 12 million homes with over 300 hours of live demonstrations each week, will cease transmission later today, and the company’s online shop will close as the business ceases to trade with immediate effect.
Unfortunately, a total of 229 employees, all of whom are based in London, have been made redundant as a result of the administration. Will Wright, partner at KPMG and joint administrator, said: “It is really disappointing, given the hard efforts of the company and the support of the majority of its creditors, that a satisfactory conclusion to the restructuring could not be reached.
Despite the recent approval of a Company Voluntary Arrangement agreement with creditors, a significant and unexpected fall in sales over the course of the last month meant that the company was simply unable to continue to trade. “The small number of affected customers who have purchased items from sit-up Limited within the last few days are advised to refer to the company website, which will be updated with more information in the coming days.”"
---------- Post added at 17:08 ---------- Previous post was at 16:59 ----------
Bit more from retail week
TV shopping channel Sit-Up, which operates Price Drop and Bid TV, has collapsed into administration jusy a month after it secured a CVA.
KPMG has been appointed administrator to the company today. It will cease to trade with immediate effect, making 229 redundancies.
KPMG said it collapsed after “a significant and unexpected” fall in sales over the last month.
KPMG joint administrator and partner Will Wright said: “It is really disappointing, given the hard efforts of the company and the support of the majority of its creditors, that a satisfactory conclusion to the restructuring could not be reached. Despite the recent approval of a Company Voluntary Arrangement agreement with creditors, a significant and unexpected fall in sales over the course of the last month meant that the company was simply unable to continue to trade.
“The small number of affected customers who have purchased items from sit-up limited within the last few days are advised to refer to the company website, which will be updated with more information in the coming days.”
Entrepreneurs Paul and Val Wright, the couple who launched Ideal Shopping, had hoped to rescue Sit-up by investing £6m when the CVA was passed on March 18.
KPMG was originally called in to run the CVA and had asked creditors that were owed money to accept 9p to 30p in the pound.
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