Hammer falls on Auctionworld

net1

Auctionworld, the troubled shopping channel, has gone into receivership just days after landing a £450,000 (E680,000) fine from Ofcom.

The channel has £14m of debts including liabilities to customers and suppliers. The channel, which employs 300 people, is still on air while the receivers seek a rescuer. But administrator Philip Long of accountants PKF was not optimistic and admitted it was unlikely creditors would be paid.

Launched in 2001 the channel has had a chequered history including several brushes with the regulator. Last week Ofcom, after multiple customer complaints, imposed the fine and told the channel to broadcast a confessional statement three times a day.