Tag Archives: Credit Crunch

STL UK puts up the ‘For Sale’ sign: who will buy?

IBS-STL UK Announces Plans to Sell Operations

IBS-STL UK Announces Plans to Sell Operations

Phil Groom writes:

In a press release issued earlier today, STL UK, the UK and Europe’s major distributor of Christian books and related products, have announced that their business is being put up for sale by their USA owners, Biblica. This decision comes in the wake of ongoing cashflow and stock movement difficulties faced by the organisation since an unsuccessful IT systems upgrade in October last year: combined with the current economic climate, the financial stress has become unsustainable.

This represents the biggest shake up in the Christian book trade for well over a decade, the SPCK/SSG debacle not withstanding, and not only puts STL’s 490 employees at risk of losing their jobs but also risks seriously undermining those hundreds of Christian retailers and suppliers who have become dependent upon STL for their supply chain.

I personally believe that this development does not need to be a disaster and at the weekend I put forward what I have called A Modest Proposal to Save STL UK. There are thousands of people whose livelihoods are likely to be disrupted if STL’s future is not secured: all the employees at Authentic Media and Paternoster Publishing; everyone at STL Distribution; all those working for Wesley Owen; and all the retailers and suppliers I’ve already mentioned. But if we stand together, between us I believe that we could stage a trade buy-out and take over the business as a shared ownership company.

But there is no reason why others — churches and other Christian organisations — couldn’t get involved. We have the means, if we have the will.

If you believe the idea of such a buy-out has merit, please spread the word amongst your friends and churches; if you have any other suggestions for a way forward, please speak out; and please pray for all those whose livelihoods are now under threat.

The UK Christian book trade and the church itself failed when SPCK hit hard times back in 2006. Many people’s lives were ruined and many are still picking up the pieces. It would be a tragedy beyond belief to see that failure repeated with Wesley Owen and its associated companies.

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