1. ITV Report

More than 150 workers made redundant at Bangor site of The Book People

Credit: ITV News

Administrators for online book seller The Book People have confirmed more than 150 redundancies at the Bangor site after a buyer was not found.

The company went into administration on December 17th last year and the corporate finance team PwC was hired as its administrator.

On Friday, PwC confirmed 155 workers have been made redundant.

The company operated from its head office in Surrey and co-ordinated its deliveries from a 92,000 square foot warehouse in Bangor.

The reason for the business going into administration was given as being because of a "difficult trading environment that the business had been experiencing, combined with increasing working capital pressures".

Administrators say The Book People will continue to trade through its E-commerce channel with the retained staff and its intention is to fulfil all customer orders received and accepted.

This is a tough time for everybody associated with the much-loved book brand. Despite best efforts in exploring a sale of the business, it has not been possible to do so.

It is therefore with regret that we have had to make a number of redundancies today. Our focus will be on helping the affected employees and to keep the website trading with the retained staff for as long as possible.

– Toby Underwood, Restructuring Partner for PwC

The Book People, which was founded by Ted Smart and Seni Glaister in 1988, has an annual turnover of more than £50 million and employs 393 staff across the UK.

Administrators PwC had said in December that the company, owned by private equity firm Endless since 2014, was exploring a sale and that it not expect any immediate job losses.

Retail giants like Amazon dominate the online book market. The Book People had make 76% of their profit from online sales.