The Book People enters administration
Children’s book retailer The Book People has entered administration.
PricewaterhouseCoopers has been appointed as administrator to the company which has been struggling against difficult trading conditions and working capital pressures.
Toby Underwood, joint administrator and restructuring partner at PricewaterhouseCoopers, said: “I can confirm that the business continues to trade and at this point in time no redundancies are currently envisaged whilst we rapidly explore a sale of the business. The intention is to fulfil and deliver all customer orders received and accepted.”
Founded in 1988, The Book People is primarily an online retailer although some sales are made by employed and self-employed distributors. The business has an annual turnover of over £50 million and sells 17 million children’s books each year.
In addition to a head office in Godalming, the business operates a 92,000 square foot warehouse in North Wales.
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