Christian publisher DLT in plea to creditors

Christian publisher DLT in plea to creditors

Christian publisher Darton, Longman and Todd, who boasts the Archbishop of Canterbury among its authors, is reportedly seeking a company voluntary agreement, which it has blamed on internet competition and decline in Christian bookshops.

According to Christian publication The Tablet, the publisher’s editorial director David Moloney wrote to the people it owes money to ask them to agree to the delayed payment of debt. The Archbishop of Canterbury, Dr Rowan Williams, is reportedly owed more than £15,000 from the publisher.

In the letter, Moloney said: “If this proposal is not accepted by 75% of creditors who respond, then DLT will be wound up, a situation which is likely to result in a much lower reimbursement of the money owed to you.”

DLT has asked creditors to accept repayment of 25p in every pound of more than £450,000 debt over the next five years. He blamed the company’s financial situation down to a rise in internet book sales and the closure of SPCK bookshops.

Moloney also said the company had halved its staff numbers to reduce costs and added he believed DLT had “the potential to grow”, having seen turnover of e-books double in two years.

He told The Tablet: "We are trying to deal with the debt as honestly and appropriately as we can. This has to be dealt with if we want to continue responsibly and if we want to take DLT where we want to take it. We can’t do that with this hanging around our necks."