Model-turned-business woman Katie Price has placed two TV production companies that she ran with her brother into liquidation.
Pricey Media Limited and Marvellous Creative Group Limited – which was created through the merger of Pricey Media with Rain Media – have both now been placed into liquidation.
The company had previously enjoyed some success when TV channel Sky Living commissioned reality show “Discovered By Katie” – which followed the highs and lows as Price attempted to establish her own modelling agency.
However, Marvellous Creative Group Limited applied for members’ voluntary winding up and appointed London-based insolvency practitioners Paul Weber and Martin Linton of Leigh Adams LLP to close down the company.
When Price – former known as ‘Jordan’ – launched the reality show, she said that the show was ‘a really personal mission’ for her.
She said: “I know I’m a good business woman and if I find the right girl or boy, I would like to sign them to my new agency.”
While the show generated thousands of column inches for Price, critics attacked the show after ratings allegedly failed to live up to the expectations of commissioning executives.
The eventual winner – Amy Willerton – also attracted negative press coverage with a spat being widely reported between her and Price.
However, the annual accounts of 31 August 2012, show that the company’s two subsidiary businesses Pricey Media Limited and Rain Media Limited had indeed made profits of £51,533 and £10,254 respectively for the full year ending 31 August 2012.
Paul Weber, chartered accountant and licenced IP at Leigh Adams LLP said: “It is a members’ voluntary liquidation. It is a solvent company which was shut down for tax reasons only. There has been an orderly wind down of the assets.”