Smiths News Plc, a Swindon-based wholesaler of newspapers and magazines, has acquired the Norwich-based Bertram group of companies for up to £15.6 million.
Smiths News Plc, a Swindon-based wholesaler of newspapers and magazines, has acquired the Norwich-based Bertram group of companies for up to £15.6 million.
Bertram is a book wholesaler to independent, online and multiple retailers, and was part of the Woolworths Group. For the year ended 3 February 2008, Bertram reported revenues of £122.5 million.
Mark Cashmore, chief executive of Smiths News, commented: “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. We expect the acquisition to be earnings enhancing in its first full financial year of ownership.”
In the year ended 31 August 2008, Smiths News reported an increase in underlying profit before tax of four per cent to £32.5 million. The acquisition will be financed through debt and a new asset-backed facility, which do not expire until June 2011.
