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Blackwell’s up for sale for first time in 143-year history
The UK’s largest independent bookshop chain Blackwell’s is up for sale for the first time in its 143-year history.
The family-owned bookseller trades online at www.Blackwells.co.uk and has a portfolio which comprises 18 shops, including its flagship at 50 Broad Street Oxford and Heffers of Cambridge, as well as shops in London, Edinburgh and Manchester, alongside university campuses sites.
Driven by a boom in e-commerce, the business has managed to grow sales for the past five years, despite the pandemic. It ended 2021 with a 1.9% increase in revenue year on year. Its management team said they had been attempting to fund a move towards becoming an employee owned business, but were hampered by the uncertainty caused by the pandemic.
The Blackwell Limited board undertook a strategic review, and it was unanimously agreed the business should look for a new owner - a decision endorsed by Julian Blackwell, also known as Toby, the company’s current owner and president.
“The sale of Blackwell’s represents a genuinely unique and exciting opportunity for any potential buyer to own a much loved and trusted bookselling brand," David Prescott, Blackwell’s c.e.o., commented. "The business has been quietly and successfully transitioning itself in recent years to establish a substantial global online presence alongside a core portfolio of iconic shops.
"We hope that a new owner and investment will help us to secure a long term future for Blackwell’s and its booksellers for many years to come. As we look to start a new chapter for the company, I’d likely to publicly thank Toby for his support and commitment over many, many years. Without him, Blackwell’s simply wouldn’t be here today.”
Prescott told The Bookseller staff had been briefed ahead of the announcement but the sale was still at its "early stages" and he would not be drawn on potential buyers.
Julian Blackwell said: “I would have loved to have handed over the company to its staff, but I also accept that in order to grow and remain competitive in the future, it is time for new ownership, ideas and investment. I have always stood for innovation and transformation in the constantly changing world of bookselling. I am delighted to have supported, and now see, Blackwell’s become a significant player in online bookselling and to have helped keep alive the concepts of service and expertise so well embodied by our chairman and board and our wonderful staff.”
Blackwell’s will be working with Begbies Traynor Group Advisory on the sale.
