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The Works buys Premier Direct stock

16.07.08 Graeme Neill

The administrators of collapsed workplace bookseller Premier Direct have sold its entire stock to discount book chain The Works for an estimated £200,000.

A spokesperson for administrators Kroll refused to comment on the amount but confirmed the sale had been made. She added that the administration process was "ongoing". "We are focused on getting the best realisation of assets for the creditors," she said.

Premier Direct went into administration last month blaming "challenging trading conditions". Kroll made 101 employees redundant after it ruled out the possibility of selling the business to a new buyer.

The Works itself went into administration in January blaming increasing competition and challenging trading conditions. Private equity firm Endless saved the business in May. Retail entrepreneur Anthony Solomon bought a 50% stake last month from Endless and told The Bookseller he wished to revamp
its stock offer.

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By Ray Hollingsworth

No way in the world that anyone will keep The Works afloat...even if they got the stock for free...as my accountants would say...'good money after bad'...mucho peace from Colchester

16 Jul 08 15:08

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By Clive Keeble

Essex man might not be excited by this deal, but in my opinion (even allowing for the fact that I did not see the stock list) this was a very good days business for the new owners of The Works. When The Works were in administration 85 poorly performing sites were closed ; even in a slight downturn on the high street, the opportunities for The Works to regain their profitability of ten years ago is there for the taking, providing that the new owners are highly selective in their sourcing - none of the plastic dreck which has polluted their outlets in recent years. There are currently fantastic opportunities for the overstocks and remainder seller.

16 Jul 08 16:33

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