Endless-owned retailer appoints administrators

Book retailer The Book People, which is owned by Leeds-headquartered private equity group Endless, has entered administration.

The business employes 393 people and no redundancies have yet been made by the administrators from PwC with the business continuing to trade.

Endless partner James Woolley said: “We are naturally disappointed not to have led an ultimately successful turnaround of The Book People, which had been a rescue investment for Endless in September 2014.

“Over more than five years, we secured more than 300 jobs and appointed strong new management to modernise the business. Nonetheless, the well-documented challenges in the retail environment compounded by the strength of global online booksellers, has severely impacted operating cash flows over recent years.

“Following a commitment of significant capital by Endless, we have worked hard to secure a sustainable future for TBP by seeking additional funding for the business, but sadly this has not been possible in the available timescale.”

The Book People has faced competition from Amazon and other online retailers. It sells books, gifts, toys and stationery online, through mail order and pop-up shops.

The business was founded more than 20 years ago and had grown to be one of the UK’s largest independent book retailers.

Toby Underwood, joint administrator and restructuring partner for PwC, said it was now exploring a sale of the business.

“Whilst 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,” he said.