Borders UK lines up accountancy firm for potential administration
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Your support makes all the difference.The troubled book chain Borders UK is thought to have lined up BDO as administrator, if an eleventh hour rescue deal cannot be finalised.
The 45-store bookseller is still trying to find a buyer for the business, but is leaning towards putting the chain into administration – which is thought to be imminent and could come as early as tomorrow. Borders UK was sold in a management buy-out (MBO) deal backed by the retail restructuring specialist Hilco in July, but the retailer’s management is thought to be worried that it does not have enough cash to successfully trade through the festive trading period.
If it was put into administration, the timing of a potential stock liquidation sale would be beneficial in the run up to Christmas – although this was not the intention of Valco, Hilco’s investment arm, when it backed the MBO in July.
A Borders UK spokesman said: “Management continue to review all their options including a sale of the business.” He declined to comment on any other questions put to him.
A BDO spokeswoman said: “We have not yet been appointed so we are not in a position to comment.”
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