Buying channel Ideal World goes bust with ‘majority’ of 275 workers shedding jobs
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hopping tv channel Ideal World has gone bust, with the majority of its 275 staff to be laid off, two days after it abruptly went off-air.
Administrators at Kroll have taken over the business, which operates a buying TV channel in addition to on-line buying companies.
Michael Lennon, managing director of Restructuring at Kroll, mentioned the collapse was all the way down to a change in client habits away from tv buying.
“Over the last few years, the Direct Response TV (DRTV) sector globally has suffered a decline in viewer and customer numbers as consumer spending habits changed.
“Whilst Ideal World TV had brought in a significant number of new brands and retail partners to the channel over the last year, overall trading was not strong enough for the business to continue in its present format.
“Our immediate priority is to provide support to all the employees impacted by the Administration.”
Ideal World’s channels went off the air on 3 July, whereas its website was additionally unavailable.
“We regret to inform you that Ideal World has had to temporarily suspend broadcasting and our website,” a message on its web site mentioned. “We’re sorry for any inconvenience caused. We hope to be back online as soon as possible.”
Ideal World employed 275 individuals at its Peterborough head workplace and its turnover for final 12 months was £55 million.
Kroll mentioned: “It is the intention of the Joint Administrators to work with the remaining employees to complete an orderly wind-down of the business. Existing customer orders will be fulfilled where possible.”
The enterprise was taken over by entrepreneur Hamish Morjaria final 12 months, however filings present that he present ceased to have “significant control” in February.