- Online book retailer Booktopia (BKG) enters a non-binding agreement to secure a 25 per cent stake in Welbeck ANZ
- Welbeck ANZ is a standalone Australian subsidiary of UK-based Welbeck Publishing Group
- Under this partnership, Booktopia’s distribution arm will distribute Welbeck ANZ’s titles directly to the Australian and New Zealand markets
- The deal is estimated to be completed by September 30, 2021, with Welbeck ANZ expected to be fully operational in January 2022
- Booktopia has ended the day in the grey with shares trading at $2.58
Online book retailer Booktopia (BKG) has entered a non-binding agreement to secure a 25 per cent stake in Welbeck ANZ.
Welbeck ANZ is a standalone Australian subsidiary of UK-based Welbeck Publishing Group (WPG).
The deal is estimated to be completed by September 30, 2021, with Welbeck ANZ expected to be fully operational in January 2022.
Under this partnership, Booktopia’s distribution arm, Booktopia Publisher Services (BPS), will distribute Welbeck ANZ’s titles directly to the Australian and New Zealand markets.
To aid in the establishment of the business and help in recruitment of staff, WPG Founder and Director Mark Smith will move to Australia in early 2022.
Furthermore, WPG Executive Director Marcus Leaver will also be based in Sydney for parts of the year.
This partnership will expand Booktopia’s investment in publishing companies and follows the creation of Booktopia Editions in 2019.
Founder and CEO Tony Nash said the partnership was part of Booktopia’s strategy to be at the centre of the Australian and New Zealand book markets.
“In bringing together two well-known businesses with strong track records, we’re excited to deliver positive outcomes for authors, our customers and the industry in Australia and New Zealand,” Mr Nash commented.
“As a shareholder in Welbeck ANZ we will be able to champion their international and local titles into the Australian market. They have 4500 titles on their list already and it continues to grow.”
WPG has also announced it has formed a publishing program with the aim of publishing 50 titles per year across the fiction, narrative non-fiction and children’s books sectors.
Booktopia has ended the day in the grey with shares trading at $2.58 in a $354.3 million market cap.