The sale of IBS-STL UK, the hub of the Christian products industry in the United Kingdom, could be concluded within the next week.

Preferred bidders offering to take over the publishing, distribution and retail divisions of the charity have been reviewing financial and operational details, with an announcement due soon.

IBS-STL UK leader Keith Danby said in a statement that "we should be able to conclude the sales process" the week of Dec. 14.

The charity's November decision to sell off its operations-following "a succession of financial problems" that included the failed implementation of a new computer system-has raised concerns about the impact of the move on others in the industry.

The group's 40-strong Wesley Owen Books and Music chain is the largest in the country, while its STL Distribution is the leading distributor there, with some publishers using it exclusively. Authentic Media publishes books and music. Almost 500 jobs are spread across all the various operations.

Danby said that IBS-STL UK leaders had been "encouraged by the level and extent of the interest" in the business. "We remain confident that one or more transactions will be concluded for various aspects of the business, thus ensuring a seamless continuation of supply to our many valued customers."

He added that he wanted to reassure others in the trade that "not only are we continuing to trade with as little disruption as possible in the circumstances, but we are hopeful that the majority of the business will remain for the longer term."