Administration in an Ideal World

Posted on Jul 14, 2023. by NTI

Peterborough has long been known as 'the Hollywood of Great Britain' with its labyrinth of studios, soaring hills and uncontrollable drug problem. However, yesterday (Thursday 13 July) one of the giants of its television portfolio was forced to close its doors under the stewardship of the great friend of the NTI newsroom, Mike Lennon of Kroll, and enter into Administration. The Ideal World Shopping Channel finally said: "And it's goodbye from us."

Where did it all go so wrong? The smiling eyes of former BBC children's TV presenter, Peter Simon, have been replaced onscreen with the message; "Ideal World has temporarily suspended broadcasting. We apologise for any inconvenience caused."

"Inconvenience?!" shouted Dolly from Northampton at her mute TV screen, "Where do I now return my faux emerald and sparkly evening-ready bracelet to (£29.00 in four almost equal instalments; delivered within seven working days)?"

Dolly's issue is not Mike Lennon's most pressing problem. He and his team have to suspend trading operations immediately, with no plans to restart them. This is rubbish, not least for the 275 people who work in the company's head office in Peterborough. He said (whilst packing up an order of 'almost-authentic Peruvian bongos' to be sent to Symonds of Sheffield): "Over the last few years, the Direct Response TV sector globally has suffered a decline in viewer and customer numbers as consumer spending habits changed." It is a mystery, isn't it, how consumers who cannot afford to pay their rent and to eat no longer want an enamelled set of Egyptian thimbles portraying its conquering by the Assyrians in circa 669 BC?

Ideal World's business was bought by investor Hamish Morjaria last year. He must be particularly disapointed, as he was presumably attracted by the television studio's £55 million turnover in 2022, but records at Companies House reveal he ceased to have 'significant control' over the company in February of this year.

It seems that Administration will ultimately lead to winding-up and that Peter Simon will be yet another famous TV presenter looking for work in the immediate future.

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