Endless Eyes The Works

The Works, a bargain bookseller, is reportedly close to be sold to Leeds-based investor Endless for just Gbp15m (US$30m) after going into administration in January.

According to reports, a deal could be completed by early next week.

Kroll has managed the administration of The Works, closing approximately 85 of the booksellers' 210 stores.

Hermes Private Equity funded a Gbp50m management buyout of The Works in 2005. The business is understood to have run up debt of more than Gbp20m following intense competition from online stores such as Amazon and high street retailers like Waterstone's, WH Smith and supermarket stores such as Tesco.