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News – Bookstore in trouble

January 2010

Bookstore in trouble

 

While Wesley Owen’s parent company (IBS-STL) might be in financial trouble, another religious charity bookshop has got troubles of its own.

     Last year Eastern Orthodox bookshop chain St Stephen the Great Charitable Trust had ten of its shops taken into possession by interim manager Begbies Traynor while the financial company deals with creditors’ claims against the charity’s assets.

     Peter Gotham of Begbies Traynor said that the Trust had been questioned over its operations, which had led the Charity Commission to appoint Begbies Traynor to take over the running of the business.

     Mr Gotham said: ‘We have completed the possession of ten of the charity’s shops and have now instructed agents to put various trust properties on sale. We would invite creditors with claims incurred before 1 July 2007 to come forward, to ensure that no valid claims go unmet’.

 

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