This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-50825483
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| The Book People goes into administration | The Book People goes into administration |
| (about 1 hour later) | |
| Book retailer The Book People has filed for administration with just one week to go before Christmas. | Book retailer The Book People has filed for administration with just one week to go before Christmas. |
| PricewaterhouseCoopers (PwC) has been appointed as the administrator while the troubled firm looks for a buyer. | PricewaterhouseCoopers (PwC) has been appointed as the administrator while the troubled firm looks for a buyer. |
| Founded in 1998 in Godalming, Surrey, The Book People has faced stiff competition from Amazon and other online retailers over the last decade. | Founded in 1998 in Godalming, Surrey, The Book People has faced stiff competition from Amazon and other online retailers over the last decade. |
| The business will continue to trade and there are no plans to make any of the 393 employees redundant, PwC said. | The business will continue to trade and there are no plans to make any of the 393 employees redundant, PwC said. |
| As a result, customers should receive their orders in time for Christmas. | As a result, customers should receive their orders in time for Christmas. |
| The majority of the business's employees - 229 - are based in Bangor, Gwynedd. | |
| The firm sells books, gifts, toys and stationery online and via a catalogue, often at discounted prices. It has an annual turnover of £50m and sells more than 17 million children's books a year, PwC said. | The firm sells books, gifts, toys and stationery online and via a catalogue, often at discounted prices. It has an annual turnover of £50m and sells more than 17 million children's books a year, PwC said. |
| The company, one of the UK's largest independent book retailers, was acquired as part of a rescue deal in 2014 by private equity group Endless. | The company, one of the UK's largest independent book retailers, was acquired as part of a rescue deal in 2014 by private equity group Endless. |
| James Woolley, partner at Endless, said it had "worked hard" to secure the firm's future and was "disappointed" not to have succeeded. | James Woolley, partner at Endless, said it had "worked hard" to secure the firm's future and was "disappointed" not to have succeeded. |
| "The well-documented challenges in the retail environment, compounded by the strength of global online booksellers, has severely impacted operating cash flows over recent years," he added. | "The well-documented challenges in the retail environment, compounded by the strength of global online booksellers, has severely impacted operating cash flows over recent years," he added. |
| Toby Underwood, joint administrator and restructuring partner for PwC, said it was now exploring a sale of the business. | Toby Underwood, joint administrator and restructuring partner for PwC, said it was now exploring a sale of the business. |
| "I appreciate the obvious concerns that staff in particular will have as we move towards Christmas," he said. | "I appreciate the obvious concerns that staff in particular will have as we move towards Christmas," he said. |
| "Whilst 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." | "Whilst 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." |
| It has been a tough year for the retail industry in the UK, with a net 1,234 stores disappearing from Britain's top 500 High Streets in the first six months, according to accountants PwC | It has been a tough year for the retail industry in the UK, with a net 1,234 stores disappearing from Britain's top 500 High Streets in the first six months, according to accountants PwC |