A new boss has been appointed to help revive the ailing fortunes of Peterborough’s TV shopping channel.
Jamie Martin (46) has been named as the chief executive of Ideal Shopping Direct, based in Newark Road, where it employs 650 people.
He replaces former chief executive Mike Hancox who stood down shortly after the company was taken over by its current owners pan-European asset manager Aurelius in July this year.
Mr Martin said: “I have been appointed to turn the company around.
“In 2015 it made a profit of £15 million.
“Three years on and its profits are £4.5 million.
“My goal is to restore the company’s profits to their 2015 level.”
Shortly after Aurelius took over from US-based Blackstone, it announced it was making 60 redundancies.
Mr Martin, who says he has invested a “significant sum” in the company, said: “I am here to secure people’s jobs.
“I think this company has a very bright future.”
IDS has been through a tough few years buffeted by a challenging retail scene, a growth of online competition, and a loss of money and focus during the company’s foray into America.
Mr Martin was chief executive of Hochanda, the TV shopping channel set up in 2015 by Paul Wright and Val Kaye, who created Ideal World in 2000 before selling in 2011.
He said his prorities are a multi-million pound upgrade of IDS’s TV facilities, improving its online offer, reducing costs and creating a dedicated service for the American market that creates jobs in Peterborough.