Wednesday, 13 November 2013
Juta and Company to sell Juta Bookshops to Protea Booksellers
Juta and Company Limited (Juta) and Stassen Boekwinkels CC have signed an agreement whereby Protea Bookshops will acquire the assets in Juta’s retail operation as a going concern and will see the rebranding and integration of the existing Juta Bookshops into the Protea operations.
This agreement supports Juta’s intent to exit from the business of retailing books to build on their position as the leading South African provider of legal and regulatory information and student textbooks, and focus on technology-enabled learning and information solutions. The transaction positions Protea as one of the leading Academic, Educational and Professional retail chains in South Africa.
Lynne Du Toit, CEO of Juta and Company comments, “While book retailing remains an important distribution channel for Juta publications, it is no longer a strategic imperative for Juta to continue to own this part of the value chain. In pursuing this exit strategy, our priority has always been our people, and our key objective was to secure the ongoing operation of the stores and preserve as many jobs as possible while ensuring the longevity of the retailing channel. While this is an historic departure for the 160-year-old company, Juta remains a strong and financially stable enterprise with an excellent performance track record. This transaction will allow us to focus more keenly on our strategy to deliver technology-enabled content and solutions in the interest of our customers’ emerging needs.”
Nicol Stassen, owner and Managing Director of Protea Bookshops says, “Protea is an established and successful 21-year-old company that specialises in retailing to academic students. The acquisition of the Juta stores allows us to seamlessly expand our footprint and market share while we continue to deliver good service in line with our excellent reputation. This is also good news for students at a number of tertiary institutions as Protea has become synonymous with offering university textbooks at the lowest prices at the tertiary institutions where we have bookshops.”