Direct bookseller The Book People has secured a £2.5m loan from Gordon Brothers to help support future growth.
Gordon Brothers Europe, the European subsidiary of the global advisory, restructuring and investment firm, is providing The Book People with an asset-backed loan, which supplements the retailer’s existing funding arrangements.
The extra funding is understood to help bolster the business outside its main peak trading periods, whilst it works through a broader recapitalisation to support future growth.
The Book People chief executive Seni Glaister said: “We are very pleased to expand our relationship with Gordon Brothers to see the business through this period of transition. The team worked closely with the other stakeholders to successfully deliver a flexible commercial solution for The Book People.”
The Book People, which also manages fulfilment for other brands and publishers, made an operating loss of £2.2m in 2012, its last reported financial year, as sales dipped 1.4% to £93.1m.