Thu, 15 Jun 2017 | ADMINISTRATION
Lovereading Ltd, a book recommendation website, has entered administration just one month after starting a search for a buyer.
Administrators from IRL are examining restructuring options for the business to include a sale while it continues to trade as normal,The Bookseller has reported. It is understood that there are no present plans to make the eight staff redundant, and are already in contact with interested buyers.
The news of the administration comes one month after Lovereading announced that it was seeking to sell to gain fresh investment to support its aim to scale up to reach a “larger audience and build the business to the next level”. The attempt to sell the business failed, and the company’s co-founder and director Peter Crawshaw put out a notice of administration yesterday (13th June).
Established in 2005 to tap into “emerging technologies”, the business enables publishers to reach readers directly. It’s brands include lovereading.co.uk, lovereading4kids.co.uk and lovereading4schools.co.uk.
Kenneth Touhey, director at IRL, told The Bookseller: “At the moment no member of staff has been made redundant. We continue to trade as normally as possible as we continue to talk to interested parties. We are supporting the staff as far as possible and they continue to be employed as we find a buyer.”
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