In a drastic move following a year of difficulties and uncertainty, STL-UK have announced that they are looking to sell all divisions of its UK operations, including Authentic publishing, Christian bookshop chain Wesley Owen and wholesaler STL Distribution.
IBS-STL UK, convened an emergency task force led by Global President of Biblica and former CEO of STL, Keith Danby, which has been in constant dialogue with its suppliers and bankers. It had also engaged restructuring and business process consultants in an attempt to resolve the systems and financial challenges.
The mood within STL has been described as downbeat, with 490 employees facing uncertainty with their jobs at risk. Danby said: “Given the severe financial and operational strains we have experienced, the Board of Trustees and management team believe a sale or exit from all or parts of certain operations is a prudent and necessary step. Whilst a difficult decision, we are focused on finding a solution to continue the important work of IBS-STL UK, to secure the jobs of the 490 people employed in our ministry, and to fulfill our financial obligations to our suppliers and creditors. We are working diligently and praying vigilantly for a successful outcome.”
Although it is rumoured that several organisation are already in talks with Baker Tilly, who are handling the sale, no public statement has been made. It is thought that a number of US-based organisations are making active enquiries, with the publishing division Authentic being seen as most attractive for sale. Some people have discussed the possibility of a trade community-based buy out of the distribution wing.
IBS-STL UK has three trading divisions; Authentic Media, a book and music publisher; STL Distribution, a distributor of Christian resources and Wesley Owen Books and Music, a retailer with 40 shops in the UK. IBS-STL UK is part of Biblica, a global Bible translation, publishing, distribution and outreach ministry serving more than 100 countries with books, Bibles and other Christian resources. Biblica said the planned sale of the UK operations will not impact its other global operations and donor funds supporting Biblica’s worldwide outreach ministries will not be affected.
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