Bargain Books stores to be offloaded

All the stores at discount book retailer Bargain Books have been put on the market on the instruction of administrator Tenon and property adviser Capa, which will execute an accounts payable and property audit.

Parent company David Flatman, which trades as Bookworld, Bargain Books and Bw!, went into administration last week. The retailer had 50 stores, a turnover of£30 million and employed 397 staff.

Capa's remit is to seek to maximise a premium from Bargain Books' leasehold interests on behalf of administrator Tenon.

Capa director Tony Sweeney said: 'Because many of these units are situated in desirable locations, they are likely to attract much interest. We can also engineer swift property disposals to cut overheads and realise cash when most required. Our aim is to identify, validate and recover lost profits quickly and efficiently by improving and increasing bottom line results.'

Sweeney added that the property audit would encompass a comprehensive review of the terms and conditions of leases and bring to light any instances where the landlord's agent had made an overcharge in relation to rental service charges and insurance.