TBP Realisations Limited (02290665): administration
- Status
- Administration ended
- Administration began
- 2019-12-16
- Administrators
- Zelf Hussain, Toby Scott Underwood
- Administrators' firm
- PwC
- Formerly
- The Book People Limited
- Incorporated
- 1988-08-26
- Location
- Leeds
- Industry
- 47890 Retail sale via stalls and markets of other goods
Why it went into administration
- Sustained trading losses
- Competition / price pressure
- Shift to online / high-street decline
- Cash flow / liquidity pressure
From the administrators' statement
Founded in 1988, TBP is a long-established retailer specialising in selling children’s books and collections at competitive prices. The business was primarily an online retailer, with over 76% of sales through its online platform, with the balance of sales via employed and self-employed distributors who attended book fairs at schoals and other locations, and pop up stores in workplaces. Endless acquired the Company in 2014 and currently has an exposure of c £25m in the farm of loan notes and working capital facilities, secured by debentures and cross guaranteed by the Group.
The Company is a subsidiary of The Book People Group Limited and its ultimate owner is Tengo (Haldings) Limited. The ultimate controlling shareholder is the Endless Fund Ill ALP. The Company has one dormant subsidiary, M&G Presents Limited. A group structure is shown at Appendix A.
The business had an annual turnover in excess of £65 million in the 12 months ending 31 March 2019, employing ¢.400 staff during peak trading periods and selling over 17 million children’s books each year — approximately three books for every child of primary school age in the UK.
Administrators' statement of proposals (2020-02-12) · Companies House register