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Irish book chain Eason has sold British Bookshops to the owners of discount chain The Works. The development follows the departure of managing director Michael Shakespeare last week, and brings to an end Eason's expansion into the UK after just five years.
The sale was concluded today (18th May) with private equity firm Endless, which bought The Works after it went into administration last year. It is unclear whether the 36 British Bookshops will be rebranded as The Works or if store closures are likely. No one from The Works or Endless was immediately available for comment.
Basil McAllister, managing director of Eason, said: "Following a strategic review Eason has decided to focus on retailing on the island of Ireland. Consequently British Bookshops was put up for sale and a deal to sell it to Endless was concluded."
He added: "We believe the business will be in good hands. Endless has had a successful experience with The Works and they intend to make a significant investment in British Bookshops. They will also be bringing on board new, experienced management to develop and grow British Bookshops."
He refused to discuss how much was paid.
Eason bought into British Bookshopsin 2004, and took full control of the company in 2005, in a deal then estimated to be worth £30m.