Bridges acquires majority stake in World of Books for £13m

Under its new ownership model, World of Books will look to expand its inventory and invest in its infrastructure and distribution networks.

Following the deal, the company's managing director Stephen Boobyer will be promoted to chief executive officer, while Bridges Ventures partner Oliver Wyncoll and investment director James Hurrell will take a seat on the company's board.

Current chairperson Kenneth Blair and co-founder Arthur Maxfield will remain with the company for a transitional 6-12 month period, following which they will take on roles as non-executive directors. The business will also look to make a number of new hires to its senior management team.

Capital for the transaction was drawn from the 2011-vintage Bridges Sustainable Growth Fund III, which held a £125m final close in October 2013. The vehicle recently acquired a controlling stake in vegan products supplier Vegetarian Express for £5.6m as part of a buy-in management buyout deal.

Clydesdale Yorkshire Banking Group provided a debt package to support the deal.

Company
Founded in 2002 and headquartered in Goring-by-Sea, West Sussex, World of Books buys and collects used books before either re-selling them online or recycling them into corrugated cardboard. The company works with both charity shops and recycling companies, as well as offering consumers a scan-and-send service for unwanted books.

According to publicly available records, World of Books generated a turnover of £32.4m in 2015 with EBITDA of £1.8m.

People
Bridges Ventures - Oliver Wyncoll (partner); James Hurrell (investment director).
World of Books - Stephen Boobyer (CEO); Simon Downes (chief technology officer).

Advisers
Equity - Spectrum Corporate Finance (corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Bridges Ventures