Administrators from PricewaterhouseCoopers have been called in at the TV, media and marketing business, which ran out of money after it failed to sell its subsidiary companies.
As well as co-owning the rights for the Popstars brand, the company was jointly responsible for Supermodels, a format that has been sold into more than a dozen markets.
The company employed 300 staff, mostly in its subsidiaries based in the UK and Australia.
David Hargrave, PwC partner, said: ‘The board has worked hard to try and secure a restructuring of the Group over recent weeks, but the cash needs of the parent company were such that insufficient funds existed to conclude the sale process.’
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens
Team Rock the publication of classic rock is in administration with FRP Advisory