Trade creditors owed

<p>Wesley Owen&#39;s parent company IBS-STL owes trade creditors almost &pound;2.5m, according to the administrators&#39; report. IBS-STL went into administration on 18th December. According to the report just shy of &pound;2m is available to unsecured creditors, which in total are owed &pound;9.6m. </p><p>The trade creditors include Thomas Nelson, which is owed &pound;174,598, and Marston Book Services, owed &pound;102,955. A creditors&#39; meeting will be held on 26th February.</p><p>When the administration was announced in December, eight of the 40 original Wesley Owen stores were bought by Christian bookseller Koorong and six were bought by bookselling chain Christian Literature Crusade International (CLC).<br /><br />Living Oasis Limited (LOL) has also bought the Harrogate store and is occupying under licence a further ten. The administrators proposals said LOL was seeking to &quot;achieve an assignment of the company&#39;s leases with the landlord&quot;. The administrators also said that they were &quot;currently liaising with LOL regarding occupancy of certain other properties&quot;.<br /><br />Living Oasis is a new subsidiary of The Nationwide Christian Trust, a UK-based Christian organisation. A statement on its website said: &quot;As a major new initiative, we are currently in discussion with many of the Wesley Owen Shops which have recently been put into liquidation. Living Oasis brings a brand new vision of how these stores could effectively be used for mission and ministry.&quot;<br /><br />Russell S Cash and Don Bailey of Baker Tilly Restructuring and Recovery were appointed joint administrators on 18th December.</p>