Vaibhav Global Limited, which runs shopping channels in Germany and the United States, has acquired the assets of Ideal World Ltd.
The Peterborough-based homeshopping channel brought in insolvency experts in July after suspending broadcasts and leaving the majority of its 275 staff under threat of redundancy.
Under the agreement, Vaibhav Global subsidiary Shop TJC will acquire the Ideal World’s IP rights, broadcasting rights, studio equipment along with other intangible assets. The transaction will be funded through internal accruals.
Mr. Sunil Agrawal, Managing Director, Vaibhav Global Limited, said, “We welcome Ideal World to VGL group. Over the years Ideal World has created a unique position for itself in the teleshopping industry. We expect this transaction to create synergies and help us continue market leading growth.”
Ideal World launched in 2000 as a British alternative to the US-style QVC that had launched in the previous decade.