New Zealand Post buys remainder of Books and More

New Zealand Post has bought out W H Smith to take full control of franchise retailer Books and More.

NZ Post retail group manager Terence Delaney said the deal to buy the other 50 per cent of the business was consistent with the state-owned postal company’s investment plan of having a majority shareholding to create a “consistent strategy” across the network. The brand was also a good fit with NZ Post’s retail businesses.

Mr Delaney would not disclose the “commercially sensitive” purchase price.

Books and More was established in 1999 as a 50 per cent joint venture between NZ Post and the Blue Star Group, which sold its shares to W H Smith, owner of Whitcoulls, in 2001.

The business was created after both partners saw market opportunity to set up a network of stores offering new-release books, videos, greeting cards, home and office stationery – as well as taking payments for vehicle registrations and other bills.

Books and More also gave business people an opportunity to invest in, own and operate a franchise store in their local community, Mr Delaney said.

NZ Post’s acquisition strengthened its business position.

“We are confident about the model, it is doing well. W H Smith were prepared to sell and on those two factors we decided to do it,” Mr Delaney said.

W H Smith had known for a while that, if it wanted to sell, New Zealand Post would be interested.

“Our intention is to grow the chain,” he said.

Books and More has 34 franchises in New Zealand.