Ideal World shopping channel goes into administration
- Published
Former children's TV presenter Peter Simon was a regular host on Ideal World
A TV shopping channel has suspended broadcasting and will make the "majority" of its staff redundant after hiring insolvency experts.
Administrators for Peterborough-based Ideal World said overall trading was "not strong enough" for business to continue after a slump in viewers.
The company employed about 275 people at its head office.
Administrators Kroll Advisory UK said it would fulfil existing customer orders where possible.
A message notifying a suspension of broadcasting was played out to viewers
However, it added trading operations had been suspended prior to the administration and would not restart.
Michael Lennon, managing director of restructuring at Kroll, said: "Over the last few years, the Direct Response TV 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."
About 275 people were employed at the company's Peterborough headquarters
He added the company's "immediate priority is to provide support to all the employees impacted by the administration".
The company has posted a message on Facebook saying: "We regret to inform you that Ideal World have had to temporarily suspend broadcasting and our website. We apologise for any inconvenience."
The business was bought by investor Hamish Morjaria last year.
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