Blackwell’s, the UK’s largest family-owned bookshop chain, is in talks with potential buyers after scrapping plans to become employee-owned.
Blackwell’s owns over 30 stores throughout the country, including on many university campuses such as Oxford, Cambridge, and Edinburgh, as well as an online store. It is the largest independently-owned bookshop in the UK and has remained in the same family since 1879.
Falling profits led to plans to emulate John Lewis by handing ownership to employees, but this ultimately fell through due to pressure from the COVID-19 pandemic and competition with other retailers. Despite a 1.9 percent sales growth in 2021, there was an overall fall in store sales compared to online sales. In a press statement, Julian Blackwell, Blackwell’s owner said: “I would have loved to have handed over the company to its staff, but I also accept that in order to grow and remain competitive in the future, it is time for new ownership, ideas and investment.”
Blackwell’s has appointed corporate financiers to oversee the sales process and it is believed. that discussions with prospective buyers have been underway for some time, as was initially reported by Sky News.
David Prescott, the chief executive of Blackwell’s, also commented: ‘‘The sale of Blackwell’s represents a genuinely unique and exciting opportunity… 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.”
The British book retailer Waterstones is believed to be a likely buyer but the identity of potential buyers is still unclear. Balckwell’s is expected to sell for a modest multi-million pound sum.