Shock as Peterborough's Ideal World TV staff say they have been made redundant

Staff at Peterborough’s Ideal World TV say they have been made redundant after a plea for a buyer for the company failed to materialise.

A member of the 250 strong workforce at the TV and online shopping channel said workers were told at a meeting today (July 6) at the firm’s Newark Road offices that all their jobs had gone.

Afterwards, a member of staff who did not want to be named, said that the assembled workers had been told: “No buyer and all redundant.

He added: "I walked out. I don’t know what happens now – no one was interested in buying the business.”

Another said: “All 250 of us have been sacked. We will be paid ‘til today. "But there is no support for us.”

The move comes a week after an urgent plea was issued for a buyer for the business – but staff were told that no other company had come to the rescue.

Ideal World TV went off-air on Monday, announcing it had temporarily suspended broadcasting and its website.

Staff were told on Monday to go home.

The company has not issued a statement following the meeting with staff.

The 23-year-old company was bought by national entrepreneur and investor Hamish Morjaria last year from investment firm Aurelius.

It has also been revealed that the company’s Newark Road site and buildings has been put up for sale at an asking price of £8,100,000 by the land owners Coif Nominees, of London.

Source: Peterborough Telegraph

Ideal World Suspends Broadcasting

Following the news last week that Ideal World TV was looking for a buyer, today the channel is just showing a graphic saying "Ideal World has temporarily suspended broadcasting. We apologise for any inconvenience caused"

All staff have been sent home and told too come back in on Thursday.

The following was issued to staff:

Further to my update on Friday, we wanted to give you more information as to the current position of the business.

There are several interested parties within the process and they have until tomorrow to put forward proposed offers. Over the weekend, there was further interest from new parties and we remain busy speaking to all interested parties and answering any questions they may have. A further update will be provided as soon as we have any further information to share.

Over the weekend, the action of a few key trading partners has added to a recent difficult trading period and therefore we have taken the decision to suspend all trading with immediate effect. This means we will send the TV channels dark and no shows will air. We will also turn off our website so no

further orders are accepted. We will throughout this time continue to progress all prospective buvers and this remains a priority.

We are conscious that a key priority for all staff is being paid. All staff were paid up to the end of June and payroll liability continues to accrue for all employees. The Directors have made a commitment that all accrued salaries will continue to be paid and processed in the usual way in July.

Due to the above, the Directors have taken the decision to send all staff home with immediate effect with the exception of a skeleton staff. If you fall within the skeleton staff. vou will have already been told this information and we will expect that you remain on site. The skeleton staff will allow us to undertake our key obligations. All other staff are asked to return on Thursday 6th July at 11am for an update meeting where we be able to advise you further regarding the sale process.

We would ask that you put your out of office on and remain contactable during this period. We would ask that you refrain from speaking with suppliers or discussing this action we are taking on any social media platform as this may have a negative impact on the buying process.

What does this mean for this long running channel? Only time will tell.

Ideal World For Sale

Ideal World is back up for sale, a member of staff at Ideal World contacted shoppingtelly.com with the news that a deadline of close of business today for "Expressions of Interest". Our source also said that the retailer still owes "hundreds of thousands" to suppliers.

Kroll has published the following on their website

Kroll has asked for interested parties to get in touch, with the deadline being end of business today:

UK’s Leading Multi-Channel Home Shopping Retailers

Project Graystone (“the Company”)

Kroll has been retained to seek an investor and / or a purchaser for the business and assets of the Company.

Deadline for Expressions of Interest: All communications, enquiries and requests for information should be addressed to Callum O’Brien by Friday, 30th June, 2023, via the details below.