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15 Mar 2010
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 from businesses.
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.
Further reading:
100 ‘interested’ in buying Reader's Digest UK
Moore Stephens confident on buyer for Reader's Digest
Readers Digest US parent could be held liable for UK pensions deficit
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