The only thing that has come close to it really was 'Kid Nation' (
see here.) in America. It was good, but at times it was really uncomfortable to watch. All the kids where aged between 8-15 and spent 40 days without their parents in New Mexico.
If C4 decided to do another teen version of BB, well i don't think ti would work. Teen BB had it's day here, and it didn't work. It has been successful in other countries though - mainly the Philippines where they have had 2 very popular series.