Wordery sold to Elliott Advisors

Waterstones' parent Elliott Advisors has increased its exposure to the book business with the surprise acquisition of Wordery, the online bookseller that was owned by the Bertram Group. The deal was concluded this week, and follows the sell-off of two European subsidiaries by Bertrams at the beginning of April.

Wordery managing director Rob Moss told The Bookseller that the business would be run independently from Waterstones, and that he would report direct to Elliott Advisors. Moss said: "It's a strategic move that we are very excited about, it is a great thing for Wordery moving forward."

Wordery has been one of the fastest growing booksellers since it was launched as a joint-venture by Bertrams in 2012, before the wholesaler took full ownership in 2015. In its last full-year period reported at Companies House it recorded sales of £59m. But Moss said recent growth had been stymied by supply chain issues. A number of leading titles are missing from the site including David Walliams' Slime, published by HarperCollins, and Hachette titles such as The Silent Patient, which are confirmed as in stock at rival online sites.

Moss said that he would continue to source books from Bertrams, but would also look to increase inventory through other wholesalers and from publishers direct. Moss said: "What we want to focus on at the moment are oppportunities for Wordery, working on logistics and extending partnerships with various wholesalers down the line."

He declined to comment on the deal, or on the future for Bertrams, which temporarily shut down its trade business last month as a result of the lockdown, though it did continue to operate Wordery.

The Bookseller has contacted Bertrams for a comment but the company has not responded.