Sixty jobs under threat at Ideal Shopping Direct in Peterborough
Sixty jobs are under threat at Ideal Shopping DIrect in Peterborough.
The shopping firm, based in Newark Road, was put up for sale at the beginning of July, and today confirmed a consultation had been launched over the redundancies.
Bill Adams, Chief Executive Officer, said: "Yesterday, Ideal Shopping Direct Ltd announced that it had completed a review of the business and was entering a consultation period of not less than 30 days, which could result in the loss of up to 60 roles across the group.
"It is normal practice for businesses to review cost structures, operational functions and re-evaluate all roles to remain as efficient as possible.
"Given the nature of the consultation process, we cannot comment further at this time."
Ideal Shopping World employs around 500 people, and is is being sold by US-based private equity funds manager Blackstone three years after buying the company.When announcing the proposed sale, it was confirmed the former chief executive Mike Hancox - who had been with the firm since 2008 - had left the company.
At the time the firm said it was talking to potential buyers.
Ideal Shopping Direct comprises Ideal World, Create and Craft, Craft Channel Productions, Ideal Sourcing and Deramores, selling on-line and through broadcast TV on Freeview channels 22 and 23, Freesat, Sky and Virgin in the UK and the DISH satellite network in the USA.
Ideal Shopping Direct was bought by Blackstone after it had been put on the market by former owner private equity company Inflexion, which had priced it at Â£200 million. Blackstone has always refused to say how much it spent on the purchase. Inflexion with a management team led by Mr Hancox had bought Ideal Shopping Direct for Â£78.3 million in 2011 . In 2014, the company's premises were sold to a national investment management company for Â£5.3 million.