|Going, going, gone. Bid and price drop TV are no more.|
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.
Q&A: Bid and Price Drop TV cease broadcasting ►