Press Association
Sunday 12th February 2012
Administrators of Reader's Digest UK said nine potential buyers of the struggling business have come forward with initial bids so far.
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."
The April edition of Reader's Digest will be published in the second half of this month and Moore Stephens confirmed work was under way on the May issue.
Reader's Digest UK called in administrators on February 17 when its embattled US parent Reader's Digest Association (RDA) said it was no longer able to support it following a crisis in its pension fund.
RDA failed to secure regulatory backing for a funding deal for the UK pension scheme, which has a £125 million shortfall.
Reader's Digest UK employs 117 staff, of which nine have been made redundant so far. The magazine has a circulation of more than 465,000.
