Through its three channels – Price-drop.tv, Bid-up.tv and Screenshop – Sit-up claims to have 30% of the UK market for TV home shopping. It offers 12,000 products each year and says it sells more than 25,000 items a day. But rather than being given a precise price, buyers are invited to bid for items online or by phone in a series of auctions. Sit-up was founded in 2000 by John Egan and Ashley Faull, who both worked at ITV Digital, and Chris Manson, who was a director of Chelsea FC. It has raised more than £25m from investors, including Telewest and Alpine, and it acquired Screenshop from Telewest in 2001 for £10m. Sales have grown 139% a year from an annualised £8.7m in 2000 to £118.9m in 2003.
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