Harris Lipman News

Harris Lipman To Be Appointed Liquidators Of Specialist Bookstore

02/03/2010

The London office of insolvency practitioners Harris Lipman have been instructed to place Watkins Books Limited into liquidation.  The company ran a historic book store, which specialised in selling all types of books including volumes about witchcraft, astrology and black magic.

Watkins Books, based in Cecil Court off Charing Cross Road, closed last week, having previously traded continuously since 1897. It was taken over by the present owners three years ago.

Increased competition from the internet, together with a decline in consumer spending caused by the economic downturn and January’s poor weather, all played a part in the company’s demise, as did a disputed tax liability inherited from the store’s previous owners, which the current owners could no longer afford to fight.

Harris Lipman partner Freddy Khalastchi is due to be appointed liquidator of the company and said that he hoped that a buyer for the business may come forward, having received a substantial number of enquiries from interested parties.

He added: “Many independent bookstores are struggling at the moment.  Watkins Books has also been unable to come to an agreement with HM Revenue and Customs regarding a disputed tax bill, which was the final straw.

“The liquidation has been set for March 25, but I would still like the business to be sold before that date so as to maximise the value achieved for the business and protect the interests of both employees and creditors.  I hope to be able to finalise a deal over the next week or so.”

For more information please call 020 8446 9000.

 

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