BusinessBusiness RecoveryReaders Digest administrators consider nine offers

Readers Digest administrators consider nine offers

Moore Stephens has no plans to shut publication as the offers keep coming

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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