Now the administrators will try to get the best deal for the remaining assets of the company, but they will have to give back the company’s licences to the Independent Television Commission.
At the same time, it is understood that 900 staff will lose their jobs at ITV Digital’s call centre.
In the meantime, subscribers will still be able to receive free-to-air stations, such as ITV2 and BBC4.
Nick Dargan, one of the administrators from Deloitte & Touche, said: ‘We have made strenuous efforts initially to restructure the cost base and latterly to sell the business and assets but unfortunately there is no appetite in the market for a preservation of the business as a going concern.’
It is understood the ITC will issue invitations to re-tender the licences tomorrow (Wednesday).
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies