Education Specialty Book Retailer Sold

Press Release – Bennets

The Administrator of book retailer REDgroup Retail announced today it has agreed to the sale of a portfolio of eight bookstores located in New Zealand universities.
Education Specialty Book Retailer Sold

29 April 2011

The Administrator of book retailer REDgroup Retail announced today it has agreed to the sale of a portfolio of eight bookstores located in New Zealand universities.

The Administrator has agreed to sell the Bennetts business, which operates stores at the Massey University campuses – Palmerston North, Auckland and Wellington; Waikato University Hamilton; Waikato Polytechnic; Christchurch Polytechnic; Manukau Polytechnic and Bennetts Government Bookshop Wellington.

The purchaser is Bennetts Bookstores Limited, a newly incorporated entity owned by a New Zealand private investor, Mr Geoff Spong. The former owner of New Zealand textbook retailer VOL.1 Bookshops, Mr Spong has a wealth of experience in the sector. The sale price remains confidential.

Administrator Mr Steve Sherman said he was delighted to have found such a suitable buyer for the business.

“This is a very good match,” he said. “The Bennetts business will continue to serve the New Zealand universities market. Importantly, this guarantees the future of these stores and has preserved more than 30 jobs.”

A Bennett’s site located within a Borders store will be closed with the affected staff to be offered similar employment within the Whitcoulls network.

Mr Sherman said the sale process for REDgroup Retail’s New Zealand business is continuing with positive bids currently being assessed. The REDgroup business in New Zealand now includes 67 stores: 62 Whitcoulls and 5 Borders stores.

ENDS

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