Wed, 09 Feb 2011 | DIVISION SALE
WH Smith has bought 22 branches of the British Bookshops and Stationers (BBS) chain out of administration.
The high street news agent and bookshop's purchase took in many of the branches of the troubled company that are located in the south east of England, including Surrey, Sussex, Kent and south London. The company is said to have paid in the region of £1 million for the stores, saving 200 jobs.
BBS, which is based in Hollingbury, Brighton, entered administration last month in a move that affected all 51 of its stores. Business recovery company Zolfo Cooper was called in to handle the administration and kept all the branches open while they conducted the search for potential buyers.
A phased takeover programme will begin on 21 February, starting with the stores in Teddington and Southwick, which will continue to trade under their existing name and branding for the time being.
Simon Appell, a partner at Zolfo Cooper, explained that they were still pursuing options regarding the sale of the remaining 29 branches. "We are pleased to have been able to safeguard the iconic British Bookshops & Stationers brand through the sale of 22 stores," he said.
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