Staff at the Peterborough-based teleshopping channel were called to a meeting this morning to learn the fate of Ideal World after days of negotiations with potential buyers.
At the meeting it was confirmed that the 250 staff working at Ideal World will be made redundant after a buyer failed to materialise.
The channel was put up for sale last month as debts mounted. As suppliers pulled the plug on the channel, the channel was forced to cease trading.
Ideal World dropped off air at 3pm on Monday afternoon, in what now appears to be the end of a tumultuous 18 months for the company.
Former owner Aurelius asset-stripped and sold off the remnants of Ideal World in early 2022, in a move that saw sister channel Create & Craft being sold to Hochanda and Ideal World’s original Freeview channel number traded with TJC for £7 million.
Ideal Shopping Direct Limited was liquidated; the remaining business transferred to a new company, Ideal World Limited, under the control of new owner and investor, Hamish Morjaria.
Under new ownership, the channel focused on big brands, but despite a lucrative deal with ITV giving the channel overnight airtime on ITV 1 and ITV 4, the business failed as debts mounted up and suppliers ceased doing business with the company.
Last month, Financial and Risk Advisory company Kroll was appointed to seek a buyer for the company. Despite management indicating there had been interest, no firm offers materialised.
In the meantime, Ideal World lost its slot on Sky’s Electronic Programme Guide after ceasing broadcasting. Sky’s strict channel listing rules mean that broadcasters that are unable to broadcast face the brisk removal of their channel listing.
Freeview has less vigorous rules, allowing broadcasters to suspend broadcasting for a time before their listing is at risk.
Customers with pending orders are being invited to e-mail idealworld@kroll.com.
As of the time of publication, Ideal World’s website still carried a message telling users it hoped to be “back online as soon possible.” Pending a last-minute development, this seems increasingly unlikely.
UPDATE (7th July, 12am): the message on the website was updated hours after our article was published:
“Please note that Michael Lennon and James Saunders of Kroll Advisory Ltd were appointed Joint Administrators of Ideal World Ltd on 5th July 2023.
“All queries should be directed to idealworld@kroll.com where it will be dealt with as soon as possible.”
Acknowledgements
PICTURED: Ideal World logo. COPYRIGHT: Ideal World Ltd.