There goes cheap stationary: Easons are Buying Reads

from the Irish Times today: we're going to have to find somewhere else to get our cheap stationary and books! . Get your things now while they are still cheap. The Competition Authority should do something about this, seems highly anti-competitive...

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"Eason opens new chapter with takeover of rival Reads"



Ireland's dominant bookseller, Eason, has bought Dublin rival Reads of Nassau Street. Reads has been synonymous among generations of Dublin students with cheap photocopying and stationery, writes Dominic Coyle

In recent years it has developed a reputation as a place to buy books at heavily discounted prices. It cut prices by 25 per cent, even on bestsellers and new releases, and insisted it could still make a reasonable profit.

Like Eason, Reads also has a significant business in newspaper, magazine and stationery sales. Reads' Nassau Street premises are near the former Fred Hanna bookshop, which was acquired by Eason in 1999. There are 45 Eason outlets in Ireland.

There were no details yesterday of the price paid for the Reads business, which was owned by Dublin businessman Michael O'Reilly and his wife Nuala. Reads management, including Niall Mescall who runs the Dublin store, have transferred to Eason as part of the deal.

Industry sources said yesterday that Eason was likely to use Reads to expand its presence in the discount end of the book market. The company recently completed the purchase of a 49-store UK discount retailer British Bookshops and Stationers for over €40 million. The Irish group had initially taken a 49 per cent stake in the group based in the south of England in 2003.The British side of the business was the main driver of profit growth for Eason last year. Sales jumped 22 per cent across the group, although Irish turnover increased by only 6 per cent.

Neither Eason nor Mr Mescall were available yesterday to comment on the deal.

c: Irish Times