GBG sold to Caxton Publishing

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The Good Book Guide has been sold to Caxton Publishing for a sum thought to be about &#163;250,000. The deal, first reported last week in theBookseller.com Bulletin, was concluded today. Caxton has bought GBG as a going concern, but did not rule out further discussions involving parts of the business.</p><p>

About six staff are to be retained, including Peter Braithwaite, the founder and former chairman who called in the receiver one month ago. Mr Braithwaite is likely to be appointed managing director. "The Good Book Guide is back," said John Maxwell, m.d. of Caxton, stressing that GBG would retain its independence and would receive additional investment of about &#163;250,000.</p><p>

Former employees of GBG will be less impressed with the deal. The sum paid is unlikely to cover the amounts owed to them at the time of the receivership. Mr Maxwell said these debts were part of the old company and should be dealt with by the receiver. "We've bought the assets, not the company," he said.</p><p>
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