Computer Bookshops goes into administration
Book and software retailer Computer Bookshops Limited has entered administration.
David Bennett and Nigel Morrison of Grant Thornton have been appointed administrators to the Birmingham-based firm which sells books, software and digital media. The administrators said they will continue to trade the various divisions of CBL with a view to selling them as going concerns.
Formed in 1978, CBL’s key divisions include wholesaler CBL Distribution, the online retail site bookaxis.com, web-based training provider cblearning.com and specialist online outlets such as computermanuals.co.uk.
CBL has a portfolio of over 350,000 titles and has also developed a number of exclusive arrangements with publishers. The business operates on a multi-channel basis, selling to centralised retailers and distributors, web retailers, and direct to consumers.
Never Miss a Retail Update!David Bennett, partner in Grant Thornton’s advisory team in Birmingham, said: “CBL boasts an enviable breadth of customer relationships, with a reputation for service delivery which is second to none in the sector. It has a strong online presence, which has seen significant growth in recent years and an expanding range of titles, including business books, lifestyle titles and gaming manuals.”
The company suffered after a key supplier pulled out of the books market recently. It has also struggled against a general deterioration in the High Street book trade.
Bennett added: “CBL has experienced an overall decline in sales. Despite making changes to its business model and achieving growth in certain divisions, CBL has not been able to diversify quickly enough and the directors took the decision to appoint Grant Thornton as administrators.”
On the appointment of the administrators, 24 redundancies were made at CBL. The remaining 26 employees are assisting the administrators in continuing to trade the business.
