Endless-backed The Book People goes into administration

Restructuring partners Zelf Hussain and Toby Underwood have been pointed as joint administrators.

The business will continue to trade and no redundancies are planned, while the administrators explore a sale for the business.

The appointment of administrators is due to difficult trading conditions and increasing working capital pressure, according to a statement from PwC.

Underwood said: "While the administrators have funding to meet the payroll for December, the longer-term prospects for the business, staff, customers and suppliers will clearly be dependent upon whether a sale can be secured."

In September 2014, Endless invested from its third fund for the acquisition of a majority stake in the UK-based bookseller, in a deal valuing the company at £15m. Endless III closed on £220m in 2011.

The firm later supported the acquisition of novelty gift retailer Qwerkity in 2017, which was sold to Menkind in September 2019.

Headquartered in Godalming, with a warehouse in Bangor, The Book People has an annual turnover in excess of £50m and employs 348 staff.

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• Topics
• Exits
• UK / Ireland
• Consumer
• Endless
• PwC
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• receivership