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, has ceased transmission, 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.
Price Drop was on Virgin Media, Sky, Freeview HD and Smallworld.
Bid was on Virgin Media, Sky, Freeview and Smallworld.
WHAT HAPPEN WHEN BID AND PRICE DROP WHEN OFF AIR?:
TODAYS TIMELINE:
“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.”
Price Drop was on Virgin Media, Sky, Freeview HD and Smallworld.
Bid was on Virgin Media, Sky, Freeview and Smallworld.
WHAT HAPPEN WHEN BID AND PRICE DROP WHEN OFF AIR?:
TODAYS TIMELINE:
- 15:20: Shoppingtelly.com Forum Member says Channels want down about 2.20pm.
- 16:10: a516digital: Rumours that bid and price drop owner sit up tv in administration. Web presence including facebook offline. We'll try and provide more soon.
- 16:14: Gavin-D posted on Cable Forum "Bidtv appears to have ceased trading it was on channel 745 a holding screen says they have a "technical fault" but the website is down and the Facebook page has gone."
- 16:20: Media Boy HQ also seen that Price drop was also down.
- 16:30: a516digital: Sources indicating that presenters on bid and price drop 'out of work'. We still await any official announcement.
- 16:41: Gavin-D posted on Cable Forum: "Bidtv website is back online with a holding page. ""Maintenance We are currently updating our website. Please check back later, we apologise for any inconvenience. http://www.bid.tv/"" TV channel is still down with music playing in the background."
- 16:52: Shopping Telly Forum: "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."