An interesting transaction; we advised local retail chain Tindalls the Stationers on its acquisition of the Arts and Graphics business of Heffers. Heffers is Cambridge's long established book retailing chain which was sold to Blackwell's a few years back.
Its a classic case of a non-core business. As far as I can tell Blackwell’s business is publishing and book retail; this was its only art materials outlet - acquired incidentally to the main Heffers deal. That said it is the prime art material retailer in the town and has a strong and loyal customer base - a good buy for Tindalls who already sell art materials in their other outlets and had been looking to get into Cambridge.
Tindalls is an interesting business. It is nearly as long established as PEM having started 1887 as a printer of sheet music. It has grown rapidly over the last decade or so and now has a chain of shops and a wholesale operation.
It was great to work with two businesses both of which are strong local brands. The deal generated good appetite amongst the banking community and we were grateful for the support of Phil Carruthers of Barclays who funded the transaction.
The picture, taken at Heffers Arts and Graphics, shows my collegue Tony Stairs and myself with Peter Drayton the Managing Director of Tindalls. Full press release, should you wish to know more, is on our website.