Endless-backed Book People opens new chapter with gift company acquisition
A book retailer owned by Leeds-based private equity firm Endless has acquired mail order and online gift business Qwerkity in a deal it said represents the “natural next step” for its growth plans.
Qwerkity was founded in 1989 by Jane Hudson as a mail order business. In the year ended January 2017, Qwerkity’s revenue had grown to £9.1m.
Endless said Qwerkity now has a “substantial on-line business, acquires significant new customers through digital channels, distributes eight million catalogues a year and has a strong market position with older customers”.
Book People has also been through a similar evolution since it was established in 1988, and today it sells through its on-line and mail order channel, along with its local bookseller network.
“This unique mix of sales channels provides the company with a strong platform for future growth with revenues in the year to December 2016 of £79m,” Endless said.
Since its acquisition by Endless in 2014, Book People has expanded the content and information available on its site in order to “reinforce its reputation as the authoritative provider of books and expertise for children’s reading”.
William Wellesley, CEO of Book People, said: “Bringing Qwerkity into the Book People family gives us a great opportunity to grow its business using our digital, buying and fulfilment expertise. Our expansion into the gifting market, through this acquisition, also represents the natural next step for Book People.”
Francesco Santinon, partner at Endless, added: “Book People is a well-known, well-established and profitable business with great future earnings potential in its own right. We are very happy to be able to support the acquisition of Qwerkity which is an ideal bolt-on and will allow us to fully utilise the core strengths of Book People.”
