Sit-up Limited, the digital broadcaster behind shopping channels Price Drop TV and Bid TV, has entered into administration.
The company’s two channels, which broadcasted to more than 12 million homes with over 300 hours of live demonstrations each week, have both ceased transmission and the online shop has closed. A total of 229 employees, all of whom are based in London, have been made redundant.
Will Wright and Allan Graham from KPMG’s restructuring practice have been appointed joint administrators. Will Wright said: “It’s 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.”
Launched in 2000, Sit-up Limited’s channels offered a mix of products, from housewares and electricals to clothing and textiles. Bid TV was an interactive shopping channel with a huge range of products on offer almost 18 hours a day, while Price Drop TV was a falling-price shopping channel – where the price dropped until everything was sold.