Peterborough-based TV and online shopping company Ideal World has been sold to a private investor.
The retailer, based in Newark Road where it employs more than 250 people, has been bought by entrepreneur and investor Hamish Morjaria for an undisclosed sum.
The business has been sold by asset management firm Aurelius Equity Opportunities just a few years after it acquired the renown company.
Ideal World currently broadcasts on Sky, Freeview, Freesat, Virgin and ITV as well as several web platforms.
Mr Morjaria has held senior leadership roles in global technology, distribution, wholesale and retail companies for the past 20 years including more recently as chairman of tech disruptor, FETCH Group.
He said: “Ideal World presents a really exciting investment opportunity.
“There is a talented team in place.”
“It’s multi-channel with both an online and TV channel offering.
“It has a loyal customer base, established infrastructure and the potential to extend content onto social media.
“I look forward to bringing in new brands and offers to help this much loved UK business meet its true potential.”
Source: Peterborough Telegraph