PE backed firm sold to gift retailer
The Book People, which is backed by Leeds-headquartered private equity firm Endless, has sold an online and mail order business to a UK gifts and gadgets retailer.
Qwerkity, which is owned by The Book People, has been sold to Menkind . Under previous ownership, Qwerkity has been developing its ecommerce business, in parallel with its already strong position in the mail order business. Menkind said the acquisition was a natural expansion into the gift market for Menkind.
The Book People decided to divest from the gifts and gadget sector in order to focus more on their core business. Claire Bayliss, CEO of The Book People, said: “We felt that timing was perfect and couldn’t have found a better buyer for Qwerkity. We are excited to have sold the business to Menkind and feel that given their very strong market position, they can enable Qwerkity to reach new heights”.
Qwerkity has a significant customer base and a strong position with older customers, allowing Menkind to strengthen its position in this demographic.
Paul Kraftman, CEO of Menkind, said: “We have a very clear vision of what we want to achieve with Qwerkity. Bringing the business in the Menkind family gives us a great opportunity to grow it using our digital, buying and fulfillment expertise”.
Menkind, which started with a physical store in Uxbridge, has successfully scaled to 60 permanent high street shops and an online store. This experience will be used to help Qwerkity grow into a more modern business without neglecting existing sales channels.
Qwerkity was founded in 1989 by Jane Hudson and had been in private hands until 2017, when it was acquired by The Book People.
Leeds-headquartered Endless supported the buyout of The Book People in September 2014. With a turnover of £50m, The Book People built a reputation as one of the nation’s favourite booksellers.
