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Deal agreed over Watkins Books
15.03.10 | Victoria Gallagher
Watkins Books has been saved by American entrepreneur, Etan Ilfeld, just two weeks before the business was due to be liquidated. Contracts have now been signed between insolvency practitioners Harris Lipman, Edward Symmons and Ilfeld. Ilfeld has purchased the business in its entirety for an undisclosed sum.
Ilfeld said: "It's not everyday that you have the opportunity to save a century old business. I don't believe that spirituality in London is dead and will do my best to ensure that Watkins Books will be sustainable and survive the 21st century."
Watkins Books closed on 23rd February following the appointment of administrator Harris Lipman. The administrator announced at the beginning of March that Watkins would be placed in liquidation at the end of the month unless a buyer came forward.
Steve Mason, partner at Edward Symmons, said: "Having been appointed by Harris Lipman only two weeks ago, we are delighted to have secured a buyer for Watkins Books. We are even more pleased to learn of Mr Ilfeld's plans to get the shop back up and running in its existing form."
The London esoteric bookshop was founded in 1897 and moved to Cecil Court in 1901. Ilfeld owns art gallery Tenderpixel, which is also situated in the London side-street Cecil Court.