An online bookseller which suffered a sharp fall in sales due to Brexit and the cost of living crisis has closed with debts of nearly £550,000.
A Great Read, based on Westbury’s Woodland Industrial Estate, was also impacted by Brexit and the conflict in Ukraine.
The business, which launched in 2007 by David Wavre following a career in publishing, had around 62,500 active UK customers.
It initially sold books directly to customers, partly through direct mail, but internet sales quickly took off and the firm later moved exclusively to selling online.
During the pandemic it diversified into board games, jigsaw puzzles and colouring books for children and adults as people were forced to stay at home. The move helped push up its turnover from £4.5m to £7m.
The firm’s liquidation is being handled by Simon Haskew, a partner at business recovery and restructuring consultancy Begbies Traynor’s Bristol office, who said business had been “particularly brisk” in the run-up to Christmas each year.
However, in January last year it suffered a drop in sales of at least 25% as a result of Brexit, from which it never recovered, he added.
Export sales to the US and Australia were also hit hard because of the pandemic and increased airfreight costs.
At the beginning this year, sales fell further as customers’ discretionary spending was squeezed by the cost of living crisis and the impact on prices triggered by conflict in Ukraine.
Mr Haskew said: “Despite the company having done relatively well in its early years, and having moved to larger premises as the business grew, the fall in sales caused by Brexit and the subsequent further decline made worse by the current economic climate, meant it was impossible for them to continue.
“We have been working with the directors of the business to wind up affairs during what has been a very challenging time for them all round.”
All 15 employees of the business have lost their jobs.
