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Bertrams/THE managing director Michael Neil has stressed that it is "business as usual” following the news that its parent Woolworths and EUK have gone into administration. Bertrams is now in process of talking to publishers and retailers and, according to Neil, their response has been "very supportive".
However, Hachette Distibution has suspended trading both with Bertrams and EUK, as it looks to "ascertain the exact position" of the wholesaler. An Hachette spokeswoman said: "Both accounts have been temporarily suspended, pending clarification, but it is a very fluid situation." A spokeswoman from Random House, which owns TBS, said: "The situation with Woolworths is still unfolding. It would be inappropriate to comment further."
Neil stressed "nothing has changed" at Bertrams. Bertrams is not part of the administration. He added that Bertrams had separate banking from Woolworths so it could continue to trade as normal. He added: "The key thing is we are not in administration because we have a separate banking facility to EUK. We remain a cash generative, profitable business. From the administrator's point of view there is no issue with us."
Retailers continue to expect supplies, at least from Bertrams, if not EUK. Waterstone’s commercial director Neil Jewsbury said: "Bertrams remains a very efficient wholesaler and our business relationship will continue with them as normal."
It is understood that Bertrams was not part of a £385m asset based lending facility that Woolworths borrowed in January this year, and which has led to these latest developments. Because Bertrams did not borrow any of that money, it can continue to trade as normal. However, any sale of Entertainment UK will lead to a change in ownership of Bertrams.