And they're saved!
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shopatdrop
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The creditors of sit-up Limited, the digital broadcaster behind Price Drop and Bid TV, have today voted overwhelmingly through the proposed company voluntary arrangement (CVA), which will enable the business to restructure its fixed cost-base.
Will Wright, partner at KPMG and ‘supervisor’ of the CVA, said: “Today’s ‘yes’ vote gives sit-up Limited the green light to renegotiate its infrastructure supply contracts, rightsizing its fixed cost base and giving it a platform to trade on a more competitive basis.
“Over 75% of creditors had to vote in favour of the CVA to pass the resolution. Today’s vote saw us secure significantly more than this, with 99% of all creditors voting in favour of the CVA.”
Will Wright, partner at KPMG and ‘supervisor’ of the CVA, said: “Today’s ‘yes’ vote gives sit-up Limited the green light to renegotiate its infrastructure supply contracts, rightsizing its fixed cost base and giving it a platform to trade on a more competitive basis.
“Over 75% of creditors had to vote in favour of the CVA to pass the resolution. Today’s vote saw us secure significantly more than this, with 99% of all creditors voting in favour of the CVA.”
Shig
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When I press the link the website wants me to log in so anyone else who can't see it, here it is.
Sit Up TV’s creditors have “overwhelmingly” voted through the CVA which will enable the TV shopping firm to restructure its fixed cost base.
KPMG partner Will Wright, who acted as ‘supervisor’ of the CVA, said: “Today’s ‘yes’ vote gives Sit-Up Limited the green light to renegotiate its infrastructure supply contracts, rightsizing its fixed cost base and giving it a platform to trade on a more competitive basis.”
“Over 75% of creditors had to vote in favour of the CVA to pass the resolution. Today’s vote saw us secure significantly more than this, with 99% of all creditors voting in favour of the CVA.”
Creditors accepted 9p to 30p in the pound through the terms of today’s CVA.
Paul and Val Wright, the entrepreneurial couple who launched rival Ideal Shopping, are now set to invest £6m into Sit-up, which operates Price Drop TV and Bid TV.
CVAs have proved a controversial restructuring option in retail. Store groups including Blacks, Focus DIY and JJB all called in administrators despite going through a CVA process beforehand.
Sit-Up was acquired by Tnui Capital in December 2013. It broadcasts to more than 12 million homes, carrying more than 300 hours of live demonstrations each week.
Price Plunge
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All you really need to know is that 99% of creditors approved the CVA, meaning that Sit-up now gets £6m to hopefully spend on proper products as opposed to pound shop tat.
As long as they make it more entertaining than it is at present and as long as the punters aren't extortionately ripped off as they were under the old regime (or currently, come to think of it), then it shouldn't be too bad for everyone, though the presenter mix still needs to be revised at some point.
Fingers crossed that their future plans work out positively for all concerned, because if they haven't learnt their lessons it will be a slow lingering death for them.
As long as they make it more entertaining than it is at present and as long as the punters aren't extortionately ripped off as they were under the old regime (or currently, come to think of it), then it shouldn't be too bad for everyone, though the presenter mix still needs to be revised at some point.
Fingers crossed that their future plans work out positively for all concerned, because if they haven't learnt their lessons it will be a slow lingering death for them.
Paul_s
tea and cake
It's certainly true what they say. There's one born every minute - alas the creditors were in a corner with nowhere to go.... :mysmilie_47:
In current guise they are still going to struggle - it's not just the tat they are peddling but certain presenters.
They had no choice, it was almost a cert they would win the vote.
It's akin to asking the condemned man does he want to be shot or hanged but long term I doubt it will matter, they're still heading for oblivion.
In my opinion.
From a purely selfish standpoint i'm just happy we'll get the chance to enjoy more from Peter Sherlock's 'Divine Decadence' range of parfum.
Sit-Up may well stink to high heaven but we don't have to, not with such wonderful floral notes.
Sit-Up may well stink to high heaven but we don't have to, not with such wonderful floral notes.
In a word 'no'!
£1 MEGADROP1
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I'm surprised that 99% said yes, Was it just Guy Kean who said no then?
KingEurope
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I'm happy for the employees, the vast majority of which would obviously not have been responsible for the debt, but selfishly, also happy that my dumb guilty pleasure isn't going (yet).
They've made a few first steps at improving already. No pressure selling with artificially slow stock or clocks. If they keep improving over time, then (while I'll lose something to laugh at), all credit to them, they're doing the right thing in not being full of bollocks.
They've made a few first steps at improving already. No pressure selling with artificially slow stock or clocks. If they keep improving over time, then (while I'll lose something to laugh at), all credit to them, they're doing the right thing in not being full of bollocks.
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Well, my mum reckons those perfumes are knocked up in a bucket, in a back street in the rough part of town!
I've got no problem with them selling "no name" crap so long as the prices are reflected in this, it's when £7.99 is added to a high price anyway you may as well add a couple of quid more and buy yourself something you know's decent! If something's about £5-£7 all in I would imagine quite a lot of people would be prepared to give it a go! They've got to do something - so if they do decide to go (well stay) down the "tat route" then they need to sort those prices out, otherwise they'll fail big time!
PJ.
In an Ideal World ...
Exactly how I feel. I love Poundland and Aldi and shop there all the time. At no point am I led to believe that their goods are in Harrods and the cashier docent harp on about their partner and son.
Look at the Aldi ads that is what you should he doing. Célèbre at the fact your watches are manufactured by unknown brand rather than than compare to Rolex etc. Aldi proved it can work
PJ
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Price Plunge
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There was a presenter who I only saw once about two months ago on Price-drop so may have been a temporary stand-in. His name was Chris (not Chris Birkett), and he was superb in that he said that Christin Lars was their own brand of watches therefore you were buying something that you couldn't get anywhere else. (He was a great presenter from what little I saw of him, and they really ought to have kept him.)
And that's the problem with these channels at present; they need more presenters like Chris that are honest in the description of products whilst using them as valid selling points. It can be done!
Are they still calling themselves a discount channel? They did before and it was a complete misnomer. If they're going to continue selling low end merchandise (that's the polite way of putting it!) Would they not be better off calling it a "budget channel" instead, then perhaps they wouldn't be headed for such a big fall. Don't know about you but if I tune in for a "bargain" that's what I expect to see!
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