- WH Smith has made its first foray into online book sales with the acquisition for £8m of Europe's largest online book retailer, bookshop.co.uk.
The company owns online brands Internet Bookshop and CD Paradise, which carry details of more than 1.4 million books and 500,000 CDs. It was founded in 1992 and is listed on the OFEX stock exchange for unlisted companies.
The company was founded by Darryl Mattocks in Oxford. His stake is valued at £3 million. Other investors include the Blackwell brothers, James and Philip, whose stakes are valued at £1.5 million each.
The cash offer values each bookshop.co.uk share at 265p, compared with last Friday's closing price of 85 pence before the deal was announced.
Bookshop.co.uk's first quarter trading report this year showed orders had grown by more than 120 per cent year on year.