Wed, 18 Dec 2019 | ADMINISTRATION
Online and pop-up book retailer The Book People has gone into administration, announcing that it has appointed advisers from PricewaterhouseCoopers.
PwC administrators have said that there will be no immediate redundancies and that trading will continue as normal as administrators seek to secure a rapid sale of the business. All orders already placed for Christmas are due to be fulfilled.
The Book People was founded in 1988 in Godalming, Surrey by Ted Smart and Seni Glaister. The company employs nearly 400 staff and operates from a warehouse in Bangor.
Private equity firm Endless acquired the company in 2014. 2017 saw The Book People make sales of £71 million, but its profits fell to £1.1 million from £6.2 million the year before, with the company’s debts then at £33 million.
It makes 70 per cent of its sales online, also selling direct to schools and businesses and through pop-up shops in workplaces. In addition to books, the company also sells toys, stationery and gifts, both online and through its catalogue.
Discussing the company’s problems, Endless partner James Woolley said: “The well-documented challenges in the retail environment compounded by the strength of global online booksellers, has severely impacted operating cashflows over recent years.”
Joint administrator and PwC partner Toby Underwood said: “The intention is to fulfil and deliver all customer orders received and accepted. I appreciate the obvious concerns that staff in particular will have as we move towards Christmas.”
“While the administrators have funding to meet the payroll for December, the longer-term prospects for the business, staff, customers and suppliers will clearly be dependent upon whether a sale can be secured.”
Popular Woodley precinct on busy main road location. Presently run under management. Large premises with free parking for three vehicles. Offers invited.
The business for sale is a well-established retail company specialising in a wide range of tools and hardware, located in-store in Lancashire, or online on a personal e-commerce platform. Great reputation in the industry amongst tradesmen Built up a...
LEASEHOLD
Long established sales and installation specialist offered for relocation supplying premium quality double-glazed building features with impressive reputation & repeat & referral client base. Offers invited.
LEASEHOLD
|
04
|
|
Jun
|
Frankie & Benny’s owner to permanently close 120 restaurants | BUSINESS NEWS
The Restaurant Group, which owns chains including Frankie & ...
|
03
|
|
Jun
|
28 Oddbins stores saved after acquisition by unnamed buyer | BUSINESS SALE
28 Oddbins stores will remain open after the off-licence ret...
|
02
|
|
Jun
|
Topps Tiles agrees sale and leaseback of HQ and warehouses | COMMERCIAL PROPERTY
Tile retailer Topps Tiles has agreed the £18.1 million...
Sign up to receive our acquisition alert emails to get your FREE guide
|
20
|
|
Feb
|
Electronics specialist Maplin searches for buyer | BUSINESS SALE
Electronics retailer Maplin is reportedly in crisis talks wi...
|
11
|
|
Jul
|
Endless close in on Kiddicare acquisition | DIVISION SALE
Private equity firm Endless is leading the race to season Ki...
|
02
|
|
Jul
|
Bathstore sold in an MBO | MBO/MBI
Bathroom retailer Bathstore has been sold in a management bu...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources