Albany Books goes broke

2nd February 1996 at 00:00
Albany Books, which supplies many Scottish schools, blamed cashflow problems for its decision to go into receivership last week.

The shortfall that led to the withdrawal of support amounted to only Pounds 200,000 on an annual turnover of Pounds 7.5 million, a source close to the company said this week.

Neil McNeill of Stoy Hayward, the receiver, visited Albany's Clydeholm premises in Glasgow on Wednesday to assess the prospects for a sale. It is understood there have been several expressions of interest.

Book supply companies have had increasing problems in recent years as schools and libraries buy directly from publishers. Albany, whose managing director was Andrew Haigh, had successfuly divested itself of a loss-making venture into publishing when it disposed of Canongate, the Edinburgh firm. A touring showroom had been visiting schools and libraries throughout Scotland.

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