United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring
  • Type: Press release
  • Date: 17/04/2014

Administrators appointed to sit-up Limited 

 

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 transmission later today, 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.”

 

ENDS

For press queries, please contact:

 

Katy Broomhead, KPMG Corporate Communications

Tel: 0161 246 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

 

KPMG Press office: 020 7694 8773

 

 

About KPMG


KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

 

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