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British Bookshops' losses more than doubled from £2m to £5.3m in its most recent financial year, accounts posted at Companies House have revealed.
The losses do not include a £3.3m unrealised deficit due to a revaluation of its fixed assets. After that is included, the retailer had total recognised losses of £8.7m for the year to 25th January 2009, up from £1.3m the previous year. The value of its fixed assets fell from £18.8m in 2008 to £11.3m in its last financial year.
Turnover at the bookseller also fell by 14.9% to £29.5m. Seven stores closed over the trading period and sales dropped on a like for like basis by 7.3%. Since the end of its financial year, British Bookshops also closed stores in Worthing and Sutton in March. The accounts said: "The sector of the retail market in which the company operates continued to be increasingly competitive in the reported period, due to supermarkets, high street and online competitors strongly discounting retail prices of books."
The retailer was sold by its previous owner, Irish bookseller Eason, to private equity firm Endless, which also owns discount chain The Works, in May. John Simpson, managing director of British Bookshops, was unavailable for comment.