Gordon Brothers Europe writes The Book People a new future
Gordon Brothers Europe, the European subsidiary of the global advisory restructuring and investment firm Gordon Brothers Group has today confirmed that it has provided multi-channel book retailer The Book People with a £2.5 million Term Loan facility to supplement the company’s existing funding arrangements.
Gordon Brothers Europe was asked to provide additional financing after being appointed to produce collateral valuations of The Book People’s inventory from 2013 by the senior lender.
The loan is supported by inventory and real estate assets, and will help to bolster the award winning business outside of its main trading periods, while the bookseller works through a broader recapitalisation to support the future growth of the business.
Eli J. Appelbaum, Managing Director, Investment & Finance for Gordon Brothers Europe commented: “We are delighted to be able to work with the senior lender to assist The Book People on their journey. This is an example of GBE’s ability to leverage our expert understanding of asset values and capital to provide funding solutions to companies undergoing a transition.”
Seni Glaister, Chief Executive of The Book People remarked: “We are very pleased to expand our relationship with Gordon Brothers to see the business through this period of transition. The GB team worked closely with the other stakeholders to successfully deliver a flexible commercial solution for The Book People.”