Clearwater International led, structured and arranged the deal with funding provided by Primary Capital and Bank of Scotland Corporate Banking. Remainders Ltd, the UK’s largest discount book retailer which trades as The Works, Banana Bookshop and the Book Depot, has undergone a Management Buy-Out backed by Primary Capital for an undisclosed sum. With 174 outlets in the UK and two in the Irish Republic, plus a head office and warehouse distribution centre at Midpoint Park, Minworth, near Birmingham, Remainders has an annual turnover of £73 million and employs over 1500 staff.
“I am delighted the transaction has reached a successful conclusion. The business has reached an exciting stage in its development and I have no doubt that the new management team with the support of Primary Capital will take it from strength to strength.”