Sameday buys Country Bookshop
01.01.70 | Philip Jones
Samedaybooks has bought Country Bookshop, the online bookselling business and community website for £500,000. The deal does not include the shop, but does include Country Bookshop founder Sridhar Siddegowa, who will join the Samedaybooks management team in order to provide "strategic advice on e-commerce activities across the company".
It is Charles Denton's first acquisition since taking a controlling stake in the troubled retail business earlier this year. Denton, deputy chairman of Samedaybooks, said: "This is our first strategic investment to accelerate our expansion of the company. Countrybookshop.co.uk was a pioneer of online bookselling with a well established brand name, valuable technology, community website software and an extensive customer database. We quickly aim to integrate the business into the Samedaybooks platform to deliver a step change in our growth."
The deal will see the owners receive £250,000 in cash and £250,000 worth of equity in Samedaybooks. The deal does not include the retail outlet or the Peak Book Festival.
Siddegowa said: "I am extremely pleased to have found a home for our business that will allow us to spend more time developing our e-commerce ideas and the social networking side under the new concept, Booksconnect.co.uk. We are also in discussions with potential partners to extend our platform into the Indian market."