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.
BHS auditor PwC questioned over why it described the embattled retailer as a 'going concern' days before it was sold for £1
KPMG raised concerns over Retail Acquisition's ability to continue to trade and fund both BHS
Duff & Phelps’ Irish business now boasts over 70 staff
FRC looks into events at BHS following pressure from MPs to scrutinise directors and advisers involved in sale of department store prior to its collapse