Nine bidders vie for Reader's Digest

ADMINISTRATORS of Reader's Digest UK yesterday said nine potential buyers of the struggling magazine business had so far come forward with initial bids.

Accountancy firm Moore Stephens – appointed after the 72-year-old British edition of the magazine collapsed into administration last month – added that further viable offers for the company could emerge.

Administrator Phillip Sykes said: "The process is progressing as planned and we are very pleased with the number and quality of offers we have received.

"We are now evaluating the bids and will begin detailed negotiations and due diligence with selected bidders from the beginning of next week."