Staff prepare for announcement on the future for Peterborough-based Ideal World TV

Staff at Peterborough’s Ideal World TV say they are braced to find out today (July 6) if there is a future at the TV and online shopping channel.

It is understood a meeting with employees has been scheduled for this morning by managers at the Newark Road-based company.

It comes four days after the company, which employs 250 people at its studios, suspended its broadcasting, website and telephone services.

The company has not said why its services have been suspended.

However, it has placed a notice on its website stating: ‘We regret to inform you that Ideal World have had to temporarily suspend broadcasting and our website.’

‘We're sorry for any inconvenience caused; we hope to be back online as soon as possible.’

An employee, who did not wish to be named, said that staff had been told on Monday afternoon that the company would go off air at 3pm that day and that everyone was to go home but would still be paid and that a meeting would be held on Thursday.

The person said: “We will find out our fate on Thursday at 11am when we have our meeting.”

The company’s woes come a year after entrepreneur and investor Hamish Morjaria bought the business from investment firm Aurelius.

It is a far cry from the years when Jamie Martin, who was appointed as chief executive by Aurelius in December 2018, was able to report record profits and who predicted in 2021 that Ideal World would be among the leading five businesses of its type in the next four years.

Key to its success, he said, was its partnership with ITV, which gave the company a high profile on a prime viewing platform, plus the public enthusiasm for Create and Craft.

Create and Craft was sold to Hochanda Global, of Oundle, in 2022 and services with ITV were suspended this week.

It has also been revealed that the Newark Road site has been put up for sale at an asking price of £8,100,000 by its owners Coif Nominees, of London.

According to agent Bidwells, the site is leased to Sports Direct.com Retail Limited and sub let to Ideal World with the five year lease expiring in 2027.