BusinessBusiness RecoveryFinal chapter written for bookstore

Final chapter written for bookstore

PricewaterhouseCoopers has been appointed interim administrators to bookshop chain James Thin, proving that the downturn is still biting despite positive predictions.

PwC partners Bruce Cartwright and Iain Bennet were appointed today by the Edinburgh Court of Session following a petition by the directors of James Thin.

Ainslie Thin, chairman of James Thin, said: ‘Adverse trading conditions in some locations have required the board to review its forward strategy for the business.

‘The board is satisfied that this step offers the best opportunities for creditors to receive payment and for the business of James Thin to be continued, so far as possible. We can assure customers that the James Thin shops remain open for business.

James Thin, which has a turnover of around £26m, has 32 outlets across England and Scotland and employs around 450 staff.

The administrators hope to be able to restructure the business and sell it off. Some stores are expected to close down.

Administrators Bennet and Cartwright said: ‘The directors have requested our assistance in formulating restructuring proposals for the company which will seek to achieve the preservation of a significant part of the business. Although a number of stores are underperforming and will be closed there appears to be a substantial core business with an established brand and reputation.

‘Our aim is to continue to trade this core business and to sell it as a going concern, preferably in a single transaction.’

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor