I have seen the term "readerships" used in relation to UK academics. I don't recall seeing this term used when I was in school (in Canada). I have a general idea that a readership is a permanent faculty member who has distinguished him or herself in research? Is this more or less correct? Any other light that can be shed?
"In the United Kingdom academic hierarchy, Reader is the rank in-between senior lecturer (or principal lecturer in the New Universities) and professor. Most readers are the heads of internal research institutes." Source:http://en.wikipedia.org/wiki/Reader