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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children