The Peterborough-based TV shopping channel Ideal World is off air having suspended broadcasting with immediate effect.
Up to 250 people are said to work at the TV channel based in Newark Road which was bought last year by entrepreneur Hamish Morjaria for an undisclosed sum.
Newark Avenue, Peterborough Tuesday 12 August 2014. Picture by Terry Harris.
Staff have been told there are “several interested parties” in acquiring the business and the company is hoping to share further information during the week.
“Over the weekend, the actions 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,” says a statement sent to its employees.
Tuesday 12 August 2014. Picture by Terry Harris.
Newark Avenue, Peterborough Wednesday 24 March 2010. Picture by Terry Harris.
“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 buyers, and this remains a priority.”
The statement adds: “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.”
Only a skeleton staff remain at the TV channel studios, but the memo tells all employees to return on Thursday July 6 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.”
The memo adds: “What does this mean for this long running channel? Only time will tell.”
It was known within the industry last week that Ideal World TV was looking for a buyer.
Anyone tuning in today is being met with a sign simply saying that “Ideal World has temporarily suspended broadcasting. We apologise for any inconvenience caused”
