100 ‘interested’ in buying Reader's Digest UK
Optimism high for successful conclusion of administration as interest in iconic brand floods in
Administrators for the UK branch of
Reader’s Digest
have said that nearly 100 expressions of interest have been made in purchasing
the business.
Phillip Sykes, head of corporate advisory services at
Moore Stephens, was
optimistic about the future of The Reader’s Digest Association Limited, which
went into administration last month, with around 30% of those expressing an
interest looking to buy the business as a whole.
“We have sent information memoranda and process letters to some 25 potential
purchasers and have asked for indicative offers for the business by the middle
of next week,” said Sykes. “We are expecting non-disclosure agreements from
other interested parties.”
Further reading:
Moore Stephens confident on buyer for Reader’s Digest
Readers Digest US parent could be held liable for UK
pensions deficit
Moore Stephens appointed to insolvent Reader’s Digest