An agreement to sell Bertrams, which is again trading with 'all publishers', could be in place by the end of this week. Deloitte Corporate Finance is handling the sale, and wants to move quickly. The Norwich-based wholesaler is not, despite reports this morning, threatened with administration. Michael Neil, Bertrams MD, told BookBrunch that reports of administration were 'very unhelpful and completely untrue'.
'Who can put us into administration?,' Neil added. 'I could, but I'm not going to; our banks could, and they're not going to; and our suppliers could issue winding-up orders, and they're not going to.'
Bertrams' share capital was owned by EUK, another Woolworths subsidiary. The shares are now with EUK's administrator, Deloitte. That is why Deloitte Corporate Finance is eager for a rapid sale.
Those publishers who had stopped their supplies to Bertrams resumed yesterday (2 December). Neil described the suppliers, and customers, as 'incredibly supportive'.