Wesley Owen stores enter administration

<p>The future of Christian bookshop chain, Wesley Owen, hangs in the balance after parent company IBS-STL announced Friday (18th December) it had gone into administration.</p><p>Russell S Cash and Don Bailey of Baker Tilly Restructuring and Recovery have been appointed joint administrators. <a href="../news/103093-christian-charity-forced-to-put-wesley-owen-on-the-block.html" target="_blank">In November, Baker Tilly was brought in to &quot;pursue the sale&quot; of its operations after it experienced a succession of financial problems.</a></p><p>Although it is yet to be confirmed, reports have said that Christian Literature Crusade, a chain comprising 15 Christian bookshops, has purchased six stores. Also according to the reports, Christian bookseller Koorong has bought a similar number of shops.</p><p>David Young, IBS-STL&#39;s UK general manager had previously told<em> The Bookseller</em> that there had been a &quot;significant level of interest&quot; from buyers for the bookselling chain.</p><p>IBS-STL UK has three trading divisions: Authentic Media, a book and music publisher; STL Distribution, a distributor of Christian resources and Wesley Owen Books and Music, a retailer with 40 shops in the UK. The charity employs 490 people.</p><p>There has also been speculation of the sale of Authentic Media&#39;s book publishing division to Koorong and STL Distribution being bought by Scottish book wholesaler John Ritchie.</p><p>A message to customers at Wesley Owen read: &quot;All gift vouchers issued to customers would normally be irredeemable in the event of administration. However the administrators agree that vouchers (issued pre-administration) can be redeemed if customers are willing to spend the equivalent cash value of the voucher when making the purchase.&quot; No vouchers will be sold or issued now that the company is in administration.</p><p>Wesley Owen Edinburgh&#39;s Facebook page said: &quot;We are now in administration and will be closing shortly. As will almost all of the Wesley Owen shops. I thank you all so much for your support and can I ask you to pray for all of the staff that received the devastating news today at 5.35.&quot;</p>