Premier’s stock is bought

Jul 19 2008 by Karen Dent, The Journal

DISCOUNT bookseller The Works has bought the entire stock of collapsed gift company Premier Direct.

South Shields group Premier Direct, which sold its products via workplaces and schools, appointed administrators Kroll last month after being unable to secure funding to go on. The administrators immediately axed 101 jobs.

Kroll has sold the stock to The Works for an undisclosed sum, believed to be in the region of £200,000.

The Works itself went into administration at the start of the year as it struggled in the trading environment. But it was bought by private equity firm Endless and has since attracted investment from entrepreneurs Anthony Solomon and David Luper.

Premier Direct, with half-year pre-tax profits of £924,000, grew quickly after floating on AIM in 1998.