[ARCHIVE] Administrators called in as Bid and Price Drop TV's owner ceases trading

Going, going, gone. Bid and price drop TV are no more.
Sit-up Limited, owner of shopping channels bid and price drop TV has today gone into administration. All 229 employees of the business have been made redundant. Customers who have recently purchased goods from either channels are to be informed about what happens next shortly.

This afternoon, KPMG, acting as Administrators for the company issued a statement: "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, will cease ... , 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. 

“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.”

Viewers reported that both price drop and bid tv fell abruptly off the air shortly before 2:30pm this afternoon. Since then, both channels are displaying captions indicating a "technical fault". The price drop website states it is down for maintenance. In the last hour, bid tv's website has been changed to carry the same maintenance message, after falling offline earlier. The channel's Facebook page was deleted.

  • Update: By Friday 25th April, all digital TV platform operators had removed bid and price drop from their channel line-ups.

More on this story:
Q&A: Bid and Price Drop TV cease broadcasting







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7 comments:

  1. maybe sony movies will snap up the
    bandwidth

    ReplyDelete
  2. What happens now to my account number, password,credit card and telephone number details??? Can someone let me know..
    This is URGENT....
    I cannot get on line to bid,price drop,and Facebook,these lines are unavailable,on the television you say,shop on line for more fantastic deals,but not true..So it's about time this message was changed..it would be very polite to let all customers know all the details,also as you know some customers are not lucky to own computers/tablets..maybe send letters to all concerned customers would be the right thing to do...
    Thank You..
    Hazel Scammell-Scott..

    ReplyDelete
  3. Hazel,
    the company has ceased trading. Everyone was made redundant and have reportedly not been paid. There is no-one to take your enquiry.

    The caption you are seeing on the TV is an auto-generated caption designed to kick in when the output from the studio goes down.

    There is no-one around to change this caption.

    KPMG are the administrators and will issue an announcement shortly.

    In the meantime, you should visit the Citizens Advice website covering some of the main questions raised in such circumstances: http://www.adviceguide.org.uk/england/consumer_e/consumer_common_problems_with_products_e/trader_stopped_trading_e/problems_with_a_trader_who_has_stopped_trading_limited_companies.htm

    This website is also linked to on the Q&A page, where you have already posted a query.

    Rest assured that as soon as more information becomes available, we will link to it here.

    ReplyDelete
  4. The Q&A page (linked to just above this comments section) has been updated with the latest developments.

    ReplyDelete
  5. If KPMG are the administrators then any creditors can kiss their money goodbye.

    ReplyDelete
  6. That's what you get for selling over priced rubbish

    ReplyDelete
  7. Thank you for your comments on the subject. This article is now closed for new comments.

    See www.price-drop.tv for any updates that might be published by the administrators KPMG.

    ReplyDelete