For the first time in it’s 143 year history, Blackwell’s, the family-owned independent booksellers, is up for sale. Found on many university campuses, Blackwell’s is the UK’s largest independent bookchain providing academic sources and a huge range of books from 18 stores as well as online.
Originally, the family planned to sell the company to it’s own employees, however, with the uncertainty of the Covid-19 pandemic keeping consumers out of the high street, Julian Blackwell, the group’s owner and president, admitted that “in order to grow and remain competitive in the future, it is time for new ownership, ideas and investment”.
David Prescott, the chief executive of Blackwell’s, said in a statement to Sky News: “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.” Due to the constantly changing world of bookselling, “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,” explains Prescott.
In 2021, the company calculated a 1.9% increase in revenue year on year, meaning its sales have grown for the past five years despite the pandemic. This is mainly down to the company’s shift towards online sales, therefore investment from a new buyer is likely to only boost Blackwell’s online presence further.
One rumoured potential buyer is Waterstones, who already bought up Foyles in 2018 as well as smaller bookstores such as Dillons, Hatchards and Ottakar’s. While such a big deal could draw the attention of the competition watchdog, the scale of competition from online sellers like Amazon and WHSmith could mean that the likelihood of this multimillion pound deal is quite high.
Words by Megan Geall
Want more Books content from The Indiependent? Click here