Academic bookseller Blackwell’s has reportedly put itself up for sale after scrapping plans to hand ownership of the business to its employees.
According to Sky News, Blackwell’s, which has been owned by its founding family since its first store opened in Oxford in 1879, has appointed corporate financiers to oversee a sale process. City sources said discussions with prospective buyers had been underway for some time, and that a deal was possible in the coming months.
In response to an enquiry from Sky, Blackwell’s chief executive David Prescott said: “The sale of Blackwell’s represents a genuinely unique and exciting opportunity for any potential buyer to own a much loved and trusted bookselling brand.
“The business has been quietly and successfully transitioning itself in recent years to establish a substantial global online presence alongside a core portfolio of iconic shops.
“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.
“As we look to start a new chapter for the company, I’d like to publicly thank Toby [Blackwell, the controlling shareholder] for his support and commitment over many, many years.
“Without him, Blackwell’s simply wouldn’t be here today.”
The company was understood to have explored a refinancing process last year that would have seen it converted into a structure owned by its staff, but concluded that it was impractical due to the impact of the pandemic.
Mr Blackwell, who is also president of the company, told Sky he “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”.
Sky said the identity of Blackwell’s potential suitors was unclear and that accountancy firm Begbies Traynor was handling the sale.
