Whitcoulls sold to NBR Rich List Norman family
Anne and David Norman, whose retail empire includes the Farmers chain, have bought the Whitcoulls and Borders New Zealand book stores for an undisclosed sum.
The sale comes three months after Whitcoulls was placed in administration when its Australian parent company, RedGroup Retail, collapsed owing unsecured creditors $21.5 million.
Administrator Steve Sharman of Ferrier Hodgson said a sale had been agreed with Project Mark Limited, a company in the Norman’s James Pascoe Group.
Mr Sharman said the sale was a “very good result.”
“The sale guarantees the future of the majority of stores and has preserved more than 900 jobs. The James Pascoe Group is known for reviving businesses and has a strong record of investment in their stores, stock and people.”
The sale includes 57 Whitcoulls stores and five Borders stores. It is hoped the sale will be completed by mid-June.
Ferrier Hodgson have previoulsy sold 10 Whitcoulls stores at airports throughout New Zealand to Australia-based travel specialist LS Travel Pacific for an undisclosed sum.Eight Bennetts stores have also been sold to New Zealander Geoff Spong, the founder of university textbook retailer VOL. 1.
The James Pascoe Group operates the brands Pascoes, Farmers, Stewart Dawsons, Goldmark, Stevens, Prouds and Angus & Coote. The group employs over 9,000 employees in New Zealand and Australia.
Anne Norman is the granddaughter of Pascoes founder James Pascoe, who opened the first store in 1906. The group bought Farmers in 2004 for $122.3 million and since then has given it a major facelift.
Last year Anne and David Norman were valued at $400 million on the NBR Rich List.
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Comments and questions19
Good news for the book trade. Farmers has shown it is prepared to support kiwi suppliers. Maybe they will support NZ writers and the NZ publishing industry which was treated badly by the Red Group.
Great news!!
Retail experts (as opposed to fast buck PE people) buy Whitcoulls - this is fantastic news.
Best wishes to the Normans and all the staff.
I think this is a good move. Whitcoulls needs to be run by a retailer, not a PE firm. The Normans are excellent retailers so I hope it turns out well for them.
I hope the Normans keep Borders going. At the least, Borders gets its best chance with these owners.
Good News
I do hope they can find a strategy that gets around the lure of Amazon. I would still be tempted to go to the hassle of shopping locally if the price was right.
Let's hope they support NZ writers, all except Graeme Lay
With Ian Draper's return, I believe Whitcoulls will have a bright future. If the senior management team can be refreshed. We all know it's mainly not because of the 'online book market'.
Couldn't have been sold to a better owner - NZ's first family of retailing. Let's hope they have Farmers style sales every other week, then we'll see some great book prices!
Congratulations to the Normans....
Another local firm back in local ownership, which have long term strategies that generate wealth, rather than margin traders who continue to waste it.
Good keep it in New Zealand buss.
Agreed! Also hope the new owner will pay more attention on people-store level staff. Lots of experienced book people who work at store level have been leaving in past few years due to huge disappointment of bad management since Ian left.
I would say the new owners will need to quickly 'dispense' with the two, much hated bully boy arseholes who have for the last 2 years done so much to demoralized staff.
I've already noticed an increase in NZ authors, prior to Christmas - there were quite large quantities from a number of NZ authors - Fearnley's "Hut builder", Roxborough's "Bloodline", Weldon's "Kehua" (does she count, she's an ex-NZer?) and a couple of others ... but even though they were there in quantity and often prominently displayed, people sadly often overlook NZ authors in favour of the latest Patterson, Cussler or Pearse.
Dear Anoymous
You have my word we have not purchased the business for any other reason than good. And yes local writers will be encouraged, my wife and I are passionate Kiwis and do not do things for money but rather the long term good (by that take individuality as a nation) of NZ
Well done to the Normans. What a great example of business success, will definitely make me return as a customer.
Great news
Whitcoulls is an 140 year old Iconic NZ Business that will now be around for another 140 years ++.
Whitcoulls is now in the hands of an outstanding NEW ZEALAND retailing family.
I have just learnt another exciting news from Book Seller website, Joan McKenzie no doubt will join Whitcoulls again after her resignation with Paper Plus. All good people are back to the business finally after those who ruining the business for two years.
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