Sit-up TV's creditors accept company voluntary arrangement

The creditors of sit-up Limited, the digital broadcaster behind Price Drop and Bid TV, have "overwhelmingly" voted through the proposed company voluntary arrangement (CVA), 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 per cent 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 per cent of all creditors voting in favour of the CVA."

Paul Wright and Val Kaye will now put £6m into the company, which sold up to £5m of gardening product a year supplied by You Garden, until You Garden pulled out last year when sit-up hit financial problems.


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