The collapsed TVSN shopping channel has failed to find a rescue buyer, its owner, Direct Group, said.

Direct Group told suppliers of the news in a memo that has been seen by Inside Retail. “As you are aware, the board has recently been in discussions with potential acquirers and investors. Those discussions have not resulted in a binding transaction,” the memo said.

The news comes after its closure was announced earlier this month, after 30 years in operation. Formerly known as The Value Channel, TVSN’s closure joined the offloading of another company in Direct Group’s portfolio, Reader’s Digest.

“We recognise the significant impact these developments have had on our suppliers, and we regret the uncertainty this creates for your business,” the memo added.

“The board and management remain committed to achieving the best possible outcome for all stakeholders, and we continue to do everything we can to meet our obligations. We will keep you updated as matters develop.”

Following a restructuring in 2018, Direct Group’s portfolio of “innovations” and “digital publishing” brands consists of around 15 companies.

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