FAST-growing Oxford bookseller Blackwell Retail is to go ahead with its takeover of long-standing Cambridge rival Heffer's.

Heffer's is to recommend its shareholders to accept Blackwell's offer. The value of the deal, which should be completed by mid-March, has not been disclosed.

Blackwell's president Julian Blackwell, 70, confirmed that the Cambridge business will continue to trade under the name of Heffer.

He said: "The Heffers and Blackwells have been friends for over 100 years. It is a great honour to be entrusted to keep the distinguished name of Heffer above the doors at Cambridge."

He added: "Together our companies have helped shaped the life of two great university cities.

"Cambridge is one of the few centres of learning in the UK where Blackwell's do not have a presence."

Heffers, founded in 1876, employs 314 people at eight bookshops in Cambridge and one in Northampton.

The Heffer family owns 94 per cent of the shares in the company, which was founded in 1876 by William Heffer, great grandfather of the present chairman, in Fitzroy Street, Cambridge.

Its shops include the oldest antiquarian bookshop still trading under the same name, Deighton and Bell, of Cambridge.

Blackwells, with 80 shops and turnover of £430m a year, employs more than 3,000 worldwide.

It was founded by Mr Blackwell's grandfather in 1879.

Story date: Tuesday 02 March

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