Sit-up TV falls into administration
The company’s television channels Price Drop and Bid TV have both ceased transmission and its online shop has closed. In addition, 229 employees have been made redundant.
Will Wright and Allan Graham from KPMG’s restructuring practice have been appointed as joint administrators.
Wright 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.”
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