Bertram Books sold to Smith News
The books retailer is sold in a £15.6m deal
Bertram Books has been acquired by Smiths News for a total consideration of £15.6m.
Bertram sells books to retailers and was part of Woolworths, until the famous high street group collapsed recently. Bertram, which is based in Norwich, enjoys healthy revenues of over £120m a year. “We believe this represents an excellent strategic opportunity for Smiths News to broaden our business and to utilise further our specialist distribution skill set in the UK,” said Mark Cashmore, chief executive of Smiths News. “We expect the acquisition to be earnings enhancing in its first full financial year of ownership.” The deal is being financed via a combination of debt and asset-based lending. © Crimson Business Ltd. 2009