Esoteric Source

Ilfeld, who owns a nearby art gallery, Tenderpixel, plans to maintain Watkins's identity as an independent esoteric bookstore. "It's not everyday that you have the opportunity to save a century-old business," said Ilfeld. "I don't believe that spirituality in London is dead and will do my best to ensure that Watkins Books will be sustainable and survive the 21st century."

Steve Mason of Edward Symmons LLP added, "We are delighted to have secured a buyer for Watkins Books. We are even more pleased to learn of Mr. Ilfeld's plans to get the shop back up and running in its existing form."

The store, which changed hands several years ago, had been forced into bankruptcy by a combination of circumstances, including Internet competition and a Capital Gains Tax bill of £500,000 inherited from the previous owners.

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