The administrators of a struggling bookstore have received a “handful” of offers from potential buyers – but its founder is not one of them.

British Bookshops & Stationers went into administration earlier this month, putting 300 jobs on the line.

At least 40 people have already been made redundant at its Brighton headquarters.

Administrators set a Tuesday deadline for potential buyers of the firm to come forward and yesterday a spokesman for Zolfo Cooper said some “encouraging” offers had been made.

Michael Chowen, who launched the brand in 1971, yesterday said he would not be making a bid for the firm.

Simon Appell, Partner at Administrator Zolfo Cooper, said: “The period for potential buyers to register their interest with us has closed. It would be highly premature to discuss any possible store closures at this point in the process. However we can confirm that we’ve a handful of encouraging offers for the business and we will review these. We will continue to talk to interested parties with a view to a potential sale.”

Commenting on signs advertising “closing down sales” in stores across Sussex, Mr Appell said: “If there was no value in the business it would have closed already.

“This process is not about ending the business. It is about realising existing stock to make the business as attractive as possible to interested parties.

“Given the interest in the company and the fact that it is trading well one would hope to get a good sale.”