Latest Sit-up TV auctions to drive bids downwards

Television auction channel Bid-up.tv is to be joined by a new sister channel, Pricedrop.tv, enabling buyers to push prices down instead of up.

The channel will be launched by parent company Sit-up in the summer.

Last week, the business appointed former Freemans finance director Ian Percival to the same role at Sit-up. Retail Variations chairman Robin Klein has been appointed non-executive director.

Founder-director Ashley Faull admitted the new channel presented a cost risk, but said the race-against-the-clock format would make great TV.

Sit-up claims it is the fastest growing retailer in the UK.