Swindon-based retail giant WH Smith has bought 22 stores in the South East formerly operated by British Bookshops, which went into administration last month.
Under the deal, which was welcomed by City analysts, WH Smith will pay just over £1 million for the shops in Surrey, Sussex, Kent and South London. Around 200 staff will transfer to WH Smith in a phased takeover programme starting later this month.
Most of the new stores will continue to operate under the British Bookshop name, although eight will become WH Smith-branded outlets in towns where the retail chain does not already have shops.
The new stores will be integrated into WH Smith’s 573-strong chain of high street outlets and are expected to add around £1m to annual profits. No stock was included in the deal.
Brighton-based British Bookshops had 51 stores and 300 staff when it went into administration last month. Restructuring specialist GA Europe said the business had struggled for business as growing numbers of people purchase their books online.
