Historic book chain Blackwell's is close to being bought out by Waterstones, it is understood.
Book lovers were stunned earlier this month when the family running Oxford chain Blackwell’s, announced the business was up for sale.
A deal would take Blackwell’s out of family control for the first time in its 143-year history.
Read again: Blackwell's is up for sale
With its cavernous bookstore in Broad Street, Blackwell's also launched a bookshop at Westgate in 2017 and operates a poster shop and music shop in Broad Street.
Blackwell’s, the UK’s biggest independent bookseller, has 18 stores.
According to the Financial Times, Blackwell's and Waterstone's expect to reach a deal in the 'low, single-digit millions' within days.
It is understood that Blackwell’s will continue to operate as its own brand, in the same way Foyles has since it was acquired by Waterstones in 2018.
In 2021, UK book sales reached their highest point in 10 years, according to data from Nielsen, with 212 million print copies sold despite the closure of stores during Covid lockdowns.
But the book trade struggled with high demand over Christmas.
Waterstones, which has been owned by American hedge fund Elliott Advisors since 2018, has 291 shops.
Elliott Advisors have so far not commented to the Oxford Mail.
Blackwell's considered the idea of employee ownership but did not go ahead with the proposal.
Julian Blackwell, the group’s owner and president, said earlier: "I would have loved to have handed over the company to its staff, but I also accept that in order to grow and remain competitive in the future, it is time for new ownership, ideas and investment."
Read more: Blackwell's could be bought by Waterstones
David Prescott, the chief executive of Blackwell’s, said earlier of the potential sale: "The sale of Blackwell’s represents a genuinely unique and exciting opportunity for any potential buyer to own a much loved and trusted bookselling brand.
"The business has been quietly and successfully transitioning itself in recent years to establish a substantial global online presence alongside a core portfolio of iconic shops.
"We hope that a new owner and investment will help us to secure a long-term future for Blackwell’s and its booksellers for many years to come.”
Waterstones was founded in 1982 by Tim Waterstone. Over the decades that followed, it has gone on to employ 3,000 booksellers across more than 280 bookshops.
Waterstones bought up rival independent Foyles in 2018 and previously took over smaller booksellers Dillons, Hatchards and Ottakar’s.
Blackwell's Broad Street store began trading in 1879.
Read more: Nine black and white photos from the 1970s
The Oxford books chain was the first to publish JRR Tolkien - before he became famous for Lord of the Rings and The Hobbit, the bookseller published children's poem Goblin's Feet.
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