Ideal World, the 海角视频 TV shopping channel, has been taken off air and most of its 275 staff made redundant. The Peterborough-based channel and online shopping operation have been forced to bring in joint administrators from financial advisor Kroll following months of poor trading.
Kroll said the business, which started out as a mail order company in the 80s, is being wound down and it is hoped that existing orders will be completed when and where possible.
Posting on its Facebook page, the station said: “We regret to inform you that Ideal World have had to temporarily suspend broadcasting and our website.
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“We apologise for any inconvenience. If you have questions please contact customer.services@idealworld.tv.”
In a statement Kroll said: “Due to the company’s financial position, trading operations were suspended prior to the administration.
“Trading will not recommence, and the majority of staff have been made redundant with immediate effect.
“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 business sold a variety of products across the main British TV platforms. Prior to the appointment of administrators, the company had an annual turnover of £55 million.
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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.
“Our immediate priority is to provide support to all the employees impacted by the administration.”