Nine offers made for Reader’s Digest

Reader’s Digest UK has received nine bids from potential buyers, according to the company’s administrators Moore Stephens.

The magazine went into administration last month, with Moore Stephens now negotiating with the bidders.

Although the deadline for offers expired last week, the administrator said that further viable offers for the company could be made.

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 issue of Reader’s Digest is out in the second half of this month, with work begun on the May issue.

According to the title’s most recent ABC audit, for the six month period ending December 2009, it had a total circulation of 465,000 copies, down from 602,600 a year previously.