The Bookseller reports that the Nationwide Christian Trust (NCT), parent company of Christian bookstore chain Living Oasis, formally entered into insolvency on 1 August.
Along with 19 former Wesley Owen bookshops, NCT also ran courses and events at Mulberry House in High Ongar, Essex. In the previous four months, the Living Oasis shop portfolio had fallen from 19 to two, with only Harrogate and Watford branches left trading by that point.
NCT owner, Ray George said, ‘We have lost £1.2m in the last year and we are pulling out of book retailing. It is us too much for us to continue with; we cannot face these losses’.