Endless buys another book retailer

BUY-OUT and turnaround fund Endless has acquired retail chain British Book Shops and Stationers.

Endless bought the £29m turnover loss-making business for an undisclosed sum from owner Eason and Son, and Irish-based book chain.

British Book Shops and Stationers, which has its head office in Brighton, has 40 stores across the South East of England

Endless, which owns Lancashire-based Crown Paints and the discount book chain The Works, has installed a new senior management team to lead the turnaround of the business headed by former WH Smith executive John Simpson.

Mr Simpson, who becomes chief executive of the business, was previously the European managing director of TV shopping channel The Jewellery Channel, managing director of Past Times and trading director of WH Smith.

Mr Simpson will be supported by Stephen Harrison from Endless. Mr Harrison said that Endless has no plans to merge its new acquisition with The Works.

He said: “Our plan is to turn this business around and the new chief executive John Simpson will undertake a detailed root and branch review of the business and we believe there are areas we can improve it.

“There are currently no plans for expansion or cutting stores. We will work on the existing stores to make them more exciting to visit.”
 
Mr Simpson added: “The new management and shareholders believe this acquisition is an extremely positive development for BBS which now has the backing and support of a new owner who plans to invest significantly in the business going forward.”

Leeds-based Endless was established by former Ernst & Young partners Garry Wilson and Darren Forshaw in December 2005. It has funds under management of £300m.