Assets of collapsed Ideal World TV are sold to rival online and TV shopping channel

The home of Ideal World TV in Newark Road, Peterborough, when staff were told in July that the company had collapsed into administration.

The assets of collapsed Peterborough company Ideal World have been bought by a rival TV and online retailer.

The London-based Shop TJC, which is a subsidiary of Vaibhav Global, of India, has bought the intellectual property rights, broadcasting rights, studio equipment and other assets.

However, no details have been released about whether the new Ideal World TV will operate from Peterborough or whether there are plans to recruit staff from the city.

Shop TJC has its own studios in London and is expected to enhance the Ideal World website and relaunch the channel in its own slot on Sky.

History of Ideal World in pictures

In a statement, Sunil Agrawal, managing director of Vaibhav Global, said: “We welcome Ideal World to VGL Group.

"Over the years Ideal World has created a unique position for itself in the teleshopping industry.

“We expect this transaction to create synergies and help us continue market leading growth.”

Idea World collapsed in July this year with the loss of 275 jobs with Michael Lennon and James Saunders announced as the appointed Joint Administrators of Ideal World Limited on July 5.

Staff were told of the collapse after a week of uncertainty.

The business was created by Peterborough entrepreneurs Paul Wright and Val Kaye 23 years ago and operated from studios in Newark Road, Fengate.

According to details released on social media, the new Ideal World channel will begin broadcasting on Friday (September 29) from 6am.