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Iconic Peterborough company Ideal World TV has collapsed into administration with the loss of 275 jobs.

Joint administrators for the TV and online shopping service channel, which has operated from the city for 23 years, were named today (July 6) shortly after the workforce had been told that all their jobs were to go.

That announcement came at a meeting between the administrators and staff at the Newark Road studios and warehouse earlier today.

Shocked staff gather outside Ideal World TV in Peterborough after being told their jobs had been lost with the collapse of the business

It follows a week during which the company, which sold a variety of products across all major TV platforms, suspended its broadcasting, web and telephone services while an urgent search began for a buyer but which ultimately failed to attract a rescuer.

The administrators say a few staff will be retained to wind-down the company and met customer orders where possible.

They also say their immediate priority is to support all staff.

Michael Lennon and James Saunders were appointed as Joint Administrators of Ideal World Limited on July 5.

An Ideal World TV employee leaves the firm's premises in Newark Road, Peterborough, with her possessions in a plastic bag after being told of the company's collapse

They say that prior to their appointment the company had an annual turnover of £55 million and employed 275 people at its multipurpose head office.

In a statement, the joint administrators said: “Due to the Company’s financial position, trading operations were suspended prior to the Administration.

"Trading will not recommence, and the majority of staff have been made redundant with immediate effect.

“It is the intention of the Joint Administrators to work with the remaining employees to complete an orderly wind-down of the business.

"Existing customer orders will be fulfilled where possible.”

Mr Lennon, managing director of Restructuring, Kroll, said: “Over the last few years, the Direct Response TV (DRTV) sector globally has suffered a decline in viewer and customer numbers as consumer spending habits changed.

"Whilst Ideal World TV had brought in a significant number of new brands and retail partners to the channel over the last year, overall trading was not strong enough for the business to continue in its present format.

"Our immediate priority is to provide support to all the employees impacted by the Administration.”

End of an era as 275 jobs axed as iconic Peterborough-based Ideal World TV goes into administration