UK book chain buyout saves 160 jobs

More than 150 jobs have been saved after a buyer was found for the company behind a chain of UK-based discount book shops.

Edinburgh-based David Flatman Ltd, the firm behind the Bargain Books, Bookworld and bw! Stores, went into administration last month, blaming competition from the internet and supermarkets for the decision.

The Works, a specialist retailer of value books, art and craft, and gifts, bought the retail division of the business for an undisclosed sum, with 155 staff transferring.

A separate management buyout team bought the Lomond Publishing division and five members of staff will transfer to the new firm.

Although 160 jobs have been saved, 237 of David Flatman Ltd’s 397 staff have been made redundant and 24 stores have closed.

The company was established in 1977 and has its headquarters in Edinburgh.

Today’s deals will retain 26 shops and see the creation of Lomond Publishing as an independent company.

Birmingham-based The Works already has 280 stores across the UK and the discount stores bought will be integrated into the network.

Joint administrator Tom MacLennan said: “The sale of the retail and publishing divisions is excellent news for staff, customers, suppliers and creditors.

“The deals mean continuity of employment for 160 staff and a very positive future for the two businesses.”

Derek Hine, chief executive of The Works, said: “Bookworld has long been renowned for the quality of its staff, and we are pleased to welcome 155 colleagues into the business.”