Sit-up TV creditors vote in favour of CVA
Creditors of shopping channel operator Sit-up TV have voted overwhelmingly in favour of a proposed company voluntary arrangement which will enable the business to restructure its fixed cost-base.
KPMG Partner Will Wright, who was ‘supervisor’ of the CVA, said: “Today’s ‘yes’ vote gives sit-up Limited the green light to renegotiate its infrastructure supply contracts, rightsizing its fixed cost base and giving it a platform to trade on a more competitive basis.
“Over 75% of creditors had to vote in favour of the CVA to pass the resolution. Today’s vote saw us secure significantly more than this, with 99% of all creditors voting in favour of the CVA.”
Sit-Up TV was sold to Tnui Capital in December 2013. It currently broadcasts to more than 12 million homes, with over 300 hours of live demonstrations each week. Channels include Bid and Price Drop.
The restructuring includes a £6 million investment from retail entrepreneurs Paul Wright and Val Kaye which can now proceed following creditors’ approval of the CVA.
