Under administration Reader's Digest UK finds 100 potential buyers

Subscribe to Oneindia News

London, Mar. 6 (ANI): The British edition of under administration Reader's Digest has found nearly 100 potential buyers, with around 30 percent of them being interested in acquiring the whole business, administrators Moore Stephens has said.

The accounting firm, which was appointed after the 72-year-old Reader's Digest UK collapsed last month, revealed that a deadline of the middle of next week has now been set for indicative offers after information had already been sent out to some 25 possible buyers.

Reader's Digest UK called in administrators on February 17 when its embattled US parent Reader's Digest Association (RDA) said it was no longer able to support it following a crisis in its pension fund.

RDA failed to secure regulatory backing for a funding deal for the UK pension scheme, which has a 125 million pounds shortfall.

Reader's Digest UK employs 117 staff and has a circulation of 465,028.

But circulation has been plunging in recent years - down from more than two million in the UK at one stage.

Its US parent filed for bankruptcy protection last August after battling financial difficulties as it laboured under vast interest payments on a 2.2 billion dollar debt pile. (ANI)

Please Wait while comments are loading...