Nine offers have been made for Readers Digest according to administrator
Philip Sykes, head of advisory services at Moore Stephens.
“The process is progressing as planned and we are very pleased with the
number and quality of offers we have received. We are now evaluating the bids
and will begin detailed negotiations and due diligence with selected bidders
from the beginning of next week,” Sykes said.
This is a significant drop in the number of companies which showed interest.
Earlier this month administrators reported nearly 100 expressions of interest
Readers digest is continuing to publish, with the April issue available now
and work already underway for the May edition.
The publication entered administration in February with just nine of the 117
employees made redundant.
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency