BID TV Can't pay creditors/staff/freelancers and suppliers

[BIDMOLE]

The auditors for Sit up / Bid TV have sent a pack to everyone they owe money to - this includes suppliers, freelancers, staff etc. I have got one. They are seeking a voluntary agreement to write off £68 million worth of debt. They are offering just £600k towards what they owe. That means at best everyone will get less than 1% of what they are due. So if they owe you £100 you will get less than £1. If they owe you £1,000 you will get less than £10. People who have let them have stock will lose 99% of their money, effecting their income and risking their staff's jobs. Freelancers who are owed money for work they have already done will lose 99% of their wages. A terrible blow to them as they have no job security, redundancy, sickness or holiday rights. How would you feel to be told after you have worked fpr a month that you are only going to get 1% of your wages?

Please spread the word and warn people. I certainly would not be handing money over to a company that is so badly in debt and about to screw over all the people it owes wages, bills and so forth to. They have come up with this solution to save the company but that is no comfort to the individuals who are going to suffer massive financial losses. No supplier is going to hand over stock to a company that cannot pay so it is very risky to expect goods to arrive.

I do not have a face book or twitter account so please someone put this information out there before anyone else gives this company a penny more.

I still work there so cannot give out my name but am so worried about customers who can ill afford to lose will money will suffer along with the rest of us.

 

[Greg]

This awful. :doh: Are the channels still on the air? Will customers still get their goods or will that suddenly stop after this failed business is still taking their cash?

 

[Docswife]

OMG!! Tho' I think it's been fairly obvious that something hasn't been right recently. They've been selling the same items over and over. Those peacock garden windchimes, birdtable and that round plaque 'thing'. They've been doing the rounds for weeks! The over-inflated prices, the tat was getting even tattier and staff being let go was a definite sign that this was a company on the slippy slope! Or as we say here 'on a shaky nail' it was obvious they couldn't keep going the way they were.

 

[Greg]

With the business looking to fold, I would advise everyone NOT to buy anything from Bid or Pricedrop because I reckon they will pull the plug soon and no-one will get their goods/refunds etc etc

 

[Price Plunge]

It was glaringly obvious that something was seriously wrong purely from watching Price-drop two days ago, and although this news sounds highly plausible it would be useful to have some independent confirmation of this before assuming the worst is about to happen.

Their current product selection does literally look as if someone has been recently touring pound shops, paying for a basket full of goods with cash in hand for resale because that's the only way they can get any form of stock as it stands if their normal/previous suppliers have been refusing to supply them.

The message just has to be DO NOT BUY from Bid or Price-drop, at least for the time being.

 

[MrMobo]

I wonder how they accrue so much debt when they make such a high profit margin on most items & a lot of their stock is supposedly direct dispatch from the suppliers so one would imagine they work on a commission basis for said items.

 

[Greg]

It's clear with such debts they are not making enough profit from their sales. Not enough people are buying their shoddy crappy goods. People are clearly put off with their extortionately high p&p. Their business model has been rubbish from some years now.

If the news is true, I feel utterly sorry for the staff who are set to lose 99% of their wages over this.

 

[stratobuddy]

I think I will record one of their shows for posterity, before they disappear

 

[donna255]

Graham should have this as front page news.

 

[Graham]

Graham should have this as front page news.

I have emailed BIDMOLE to ask that he sends me a copy of the pack with his/her name removed and then will publish the full story.

 

[Greg]

Graham should have this as front page news.

I agree, if just to warn potential buyers of the precarious state of the network.

 

[Adam82]

That's why some presenters have/are leaving.

 

[Wirral70]

I hope they have Deep Sense on before they finally get put out of their misery, I want to be like Mike Mason :mysmilie_59:

 

[Ali Kamman]

Saw this on Debbie Greenwood's Twitter page. I wonder if all assistants are on the way out before the presenters?

Good luck to all the assistant presenters from bid especially the lovely @Liana_Wall, @Marina_Berry and @KiriBloore . Xx

 

[Wirral70]

Saw this on Debbie Greenwood's Twitter page. I wonder if all assistants are on the way out before the presenters?

Good luck to all the assistant presenters from bid especially the lovely @Liana_Wall, @Marina_Berry and @KiriBloore . Xx

Sounds like The Schlock might have to get a stall in Birkenhead Market to shift his decadent stinkers. Gollum will surely head to Romford with a suitcase to drum up interest for his Dragon Statues.

Poor Neil, at least he has the Travelodge to fall back on.

 

[Mommabear]

Will Dirty Pedro now dump 'our Bet'?

 

[Wirral70]

Will Dirty Pedro now dump our Bet?

She'll dump him if he can't provide a steady supply of larger gussets :mysmilie_59:

 

[Muttley]

She'll dump him if he can't provide a steady supply of gussets :mysmilie_59:

Please Wirral did you have to mention gussets? I've just had my Sunday dinner! Seriously, if this is true, I feel genuinely sorry for the staff. I was made redundant but got proper notice and a decent pay off.

 

[Wirral70]

Please Wirral did you have to mention gussets? I've just had my Sunday dinner! Seriously, if this is true, I feel genuinely sorry for the staff. I was made redundant but got proper notice and a decent pay off.

It sounds like mischief making to me but that's just my opinion.

 

[Docswife]

Saw this on Debbie Greenwood's Twitter page. I wonder if all assistants are on the way out before the presenters?

Good luck to all the assistant presenters from bid especially the lovely @Liana_Wall, @Marina_Berry and @KiriBloore . Xx

It's not sounding good is it? Maybe our Leese and Debbie saw the writing on the wall and left before they were pushed, who knows? I just wonder where the rest, Sally, Mike, James Russell etc would ever find work anywhere on TV! Maybe Caroline could go to QVC? She's probably the best of the bunch really......