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Posts Tagged ‘Sir Richard Branson’

Possibilities for Borders UK Buyout

Sir Richard Branson is considering a 50m pound bid for the Borders books chain in the UK, in what would be a major expansion of his retail operations. According to a report in trade magazine Retail Week, the billionaire tycoon has requested detailed information on the 70-shop chain from Merrill Lynch, the investment bank which is handling the sale.

But Branson faces quite a lot of competition, according to Publishing News. Industry observers believe that David Roche, Border’s CEO on the UK side, will try and mount an MBO for the company following last week’s shock announcement from its parent company that it intended to sell its UK, Australia and New Zealand operations to concentrate on the domestic US market. Speculation increased this week that a breakup of the company is likely too and that former Ottakar’s boss James Heneage may find himself involved, too. One observer said: “David would love to take the company – he’s ambitious and well-regarded, and is probably one of the more capable people to be able to front an MBO. Borders US has to sell it within a time window in order to save face, because they’ve gone so public on it and in order to keep the UK team engaged. If David can get the backing, he might get it at a good price.” Roche himself simply said: “All options are open.”

Observers point out that an MBO will, obviously, require backing. Analyst David Stoddart at Teather & Greenwood said: “I can’t believe that the private equity fraternity hasn’t had a good look at HMV and drawn their own conclusions. They’ll have to make an assessment of the exit price they’re likely to get after three to five years.” Figures of between �50m and �70m are being suggested for the group, with Richard Ratner at Seymour Pierce saying: “I don’t think it will go for very high money and it could be broken up. An MBO is possible. Apart from WHSmith cherry picking, you’ve got to rule Smiths out. Waterstone’s might be interested in the odd store I suppose.”

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Lauren Berger Writes New Book for Young People Entering "Real World"

Lauren Berger Welcome to the Real WorldCareer Expert, Lauren Berger, releases her second book, Welcome to the Real World: Finding Your Place, Perfecting Your Work, and Turning Your Job Into Your Dream Career (Harper Business), on April 22nd. In this book, Berger shares everything she wishes someone told her after graduation. Her book is the essential guide to anyone starting their first, second, or third job. She encourages readers to be fearless, step outside of their comfort zones, and go after what they want.

Random House UK Buys Virgin Books

Booktrade.info reports that Random House UK has acquired a 90 per cent stake in Virgin Books in a deal which gives the company worldwide use of the Virgin brand in the field of book, audio and digital publishing. In a separate agreement, Sir Richard Branson will also write five new books for Virgin Books. The company will remain in their Hammersmith offices and continue to be led by KT Forster who will now report to board director Richard Cable. “Virgin Books is a great addition to the Random House group of companies and I look forward to working with KT and the Virgin team to develop the hugely valuable brand,” Cable said in the announcement. “We have very ambitious plans and we can look forward to a period of stability and investment on which we to build a formidable worldwide publishing company.”