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.”
Provider of premium stationery brands to established corporate customer base. The company benefits from an in-house production department, which carries out debossing, foiling and UV printing, along with hand finishing. The company has well establish...
Step into a world of design and transformation with your opportunity to acquire this thriving and profitable bathroom and kitchen design and installation business.We bring to market a business and brand that has designed and transformed the homes of...
LEASEHOLD
An exciting opportunity awaits in Long Sutton, Spalding, with this well-established electrical and toy retailer. Operating successfully since 1945, this family-run business has built a stellar reputation, offering an attractive venture for both exper...
FREEHOLD
18
|
Feb
|
Investment firm Birch Faraday buys care provider Highbury | BUSINESS SALE
Highbury Support Services, a North Wales care provider, has ...
18
|
Feb
|
Aberdeen caterer snapped up by US food giant | BUSINESS SALE
Aberdeen catering firm Entier, set up by former chef Peter F...
18
|
Feb
|
Creative agency RBH chooses employee ownership | BUSINESS SALE
West Midlands creative agency Rees Bradley Hepburn (RBH) has...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.