Mon, 17 Jan 2011 | BUSINESS SALE
A book chain with branches across the UK has fallen into administration, becoming the first high street casualty of the new year.
British Bookshops and Stationers, which has 51 branches located across Kent, Surrey, Hampshire, Essex and Sussex, suffered poor trading as a result of poor pre-Christmas weather, alongside ongoing financial problems resulting from unpaid publisher accounts.
Founded in 1938 as Sussex Stationers, the business started in Brighton and expanded to other areas of the country following a sale to Endless, the private equity firm, in 2009 by original owners Eason and Sons. The firm is now run by a management buyout team.
Recovery specialists Zolfo Cooper have been appointed as administrators and are on the hunt for a buyer.
Partner at Zolfo Cooper, Simon Appell, said, “The appointment is unfortunately the result of cash flow difficulties suffered by the business, coupled with the tough trading climate for retailers and especially booksellers at present.
“This is an attractive company with a large network of stores across the South of England and we have already received expressions of interest from potential buyers,” he added.
The business will continue to trade as normal whilst a buyer is sought. Administrators are hoping that the sale may save the jobs of 300 employees.
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