The draconian restructuring plan to keep UK bookstore chain TG Jones (FKA WH Smith) operating is expected to win court approval after hearings Monday and Tuesday, as at least some creditor groups have agreed to accept owner Modella Capital’s terms. Unnamed sources have told the media (including the Telegraph, Bloomberg and the Guardian) that “a number of key creditor groups, landlords among them, have accepted TG Jones’ proposal before the court hearing.” Property development company British Land, after loudly objecting, “said it would…abstain from voting following what it described as material concessions from TG Jones to treat landlords more fairly.” […]
Finance
Profile Books Acquires Solaris
UK publisher Profile Books has acquired the sci-fi and fantasy imprint Solaris from Rebellion Publishing, the Bookseller reports. Terms of the deal were not disclosed. Five Solaris staff members will move with the imprint—David Thomas Moore, Amanda Raybould, Amy Borsuk, Jess Gofton, and Natalie Sorrell Charlesworth. As of July 1, Profile will take over sales and distribution of Solaris e-books. Print books will reamain with their current distributors until September 1. “We are thrilled to be taking this big step into a new genre,” Profile ceo Rebecca Gray said. “Solaris is already home to a wealth of acclaimed authors writing […]
Wiley Buys Emerald Publishing for $452 Million
Wiley announced the significant purchase of UK-based Emerald Publishing from Cambridge Information Group in a cash transaction valued at £337 million, or $452 million. The deal brings Wiley over 480 journal brands—giving them a portfolio of approximately 2,500 journals—along with 8,000 book titles and additional content. Wiley indicates it brings additional depth particularly in economics, business, finance, accounting, management, strategy, education, engineering, information and knowledge management, operations, public policy and environmental management. CIG acquired Emerald in 2022, prior to which the publisher was a private, family-run business. Wiley touts the deal as value at seven times adjusted ebitda, inclusive of […]
PRH Germany Acquires Frechverlag
Penguin Random House Germany has acquired German craft and guidebook publisher Frechverlag from Weka Group. Terms of the deal were not announced. It is subject to antitrust approval and will have “retroactive economic effect as of January 1, 2021,” according to a release. Frech will remain independently operated out of its Stuttgart office. It has approximately 80 employees who will stay at the company, which will continue to be led by Michael Zirn as managing director. “The advice sector is of major strategic importance to us,” PRH Germany ceo Thomas Rathnow stated in a release. “Frechverlag, with its successful programs […]
Hachette UK Acquires Kogan Page
Hachette UK acquired business book publisher Kogan Page, as of April 30. Founded in 1967, Kogan Page has a backlist of over 1,200 titles covering business, management, marketing, human resources, and professional development. The announcement notes that, “Kogan Page complements Hachette UK’s existing strengths and aligns with the longer-term strategy to diversify into specialist areas.” Kogan Page will operate as part of the John Murray Group where it will be maintained as a “distinct publishing brand within the division.” Founder Philip Kogan died in late 2022. In an obituary, the Guardian noted, “Independent of mind and spirit, he was determined […]
Buyer of WH Smith Bookstores Prepares A Restructure to Avoid Bankruptcy of Renamed TG Jones Chain
Modella Capital, the private equity firm that purchased UK retailer WH Smith’s bookstore business last year, is creating a restructuring plan to avoid bankruptcy, the Times of London reports. The plan would close up to 100 of the chain’s 500 stores, which have been renamed TG Jones, and “demand rent cuts,” according to the Times. The proposal is a “cram-down,” which requires the consent of only one class of creditor, but also needs the approval of a judge. Modella must prove that their only other alternative is bankruptcy. The largest creditor is reported to be Secure Trust, which provided a […]