Blackwell’s Books has been the largest independent bookstore in the United Kingdom and has been operating for 143 years. They have not been doing that well since the pandemic happened and decided to test the waters and put itself up for sale in January. It did not take long for a deal to be struck. Waterstones has just purchased Blackwell’s books for an undisclosed sum. David Prescott, Blackwell’s CEO who will remain in his role, has said that all Blackwell’s staff will keep their jobs and the company will retain its name.
Waterstones is largest bookstore in the UK. They currently have 291 bookstores spread across the UK, Ireland, Brussels and Amsterdam. They are owned by the hedge fund Elliott Investment Management, who indecently owns the largest bookstore chain in the United States, Barnes and Noble. The CEO of Waterstones is also the CEO of Barnes and Noble. Elliott is quickly becoming a bookselling juggernaut and I don’t think think they are done snapping up bookstores yet.
Toby Blackwell, Blackwell’s outgoing owner and president, had hoped before the pandemic to sell Blackwell’s to its staff. He said: “After 143 years of family ownership, finding a new home for our business and our wonderful booksellers, has been an extraordinary challenge. Waterstones have demonstrated in their acquisition of Foyles most recently, that they understand the advantages and benefits of holding diverse iconic bookselling brands in their portfolio. I view them not just as a buyer of the business, but as the right buyer at the right time. This is a positive outcome for Waterstones, Blackwell’s and all our customers in the UK and abroad, who will still be able to enjoy the individual nature of what both brands offer.
“Blackwell’s and Heffers are amongst the most illustrious names in bookselling, a legacy for which we have the utmost respect,” said James Daunt, Waterstones’ managing director. “We greatly look forward to working alongside the booksellers at Blackwell’s as we secure the future of these wonderful bookshops and preserve academic bookselling in so many towns and campuses across the UK,” he added.
Waterstones has won praise for its management of the Foyles merger, and publishers hope that the bookselling model James Daunt has championed, of encouraging stores to maintain their individual identities, will ensure that there continues to be diversity in the locations – Oxford, Cambridge, Edinburgh and London – where Blackwell’s has general branches.
Overall, the UK bookselling scene is merging and there will be few independent brands left. This comes at an opportune time. Book sales continued to climb last year despite lockdowns, with more than 212m print books sold in 2021 – the highest figure of the last decade. All of these books generated £1.8 billion in sales.
Michael Kozlowski is the editor-in-chief at Good e-Reader and has written about audiobooks and e-readers for the past fifteen years. Newspapers and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times have picked up his articles. He Lives in Vancouver, British Columbia, Canada.
