Eversheds has advised Bridges Ventures (Bridges) on its acquisition of a majority stake in the online platform of World of Books, a market leading ‘circular economy’ technology business for used books.

World of Books has been a pioneer in the re-use and recycling of used books, by working with charity shops and recycling merchants to collect used books; re-selling as many as possible, and recycling the rest to make corrugated cardboard packaging and newsprint. World of Books has created an £11 million economic benefit for the charities it works with over the last five years.

In the UK, the online book market is worth c.£200 million per annum – c.10% of the total books sales market – and is growing at about 15% per annum.

The Eversheds team was led by corporate partner Louise Finnie supported by associates Alex McCarney and Hannah Kaye, with the banking team being led by partner Patrick Davis and supported by principal associate Nathan Pritchard and associate Catherine Jones. The tax structuring was led by partner Ben Jones and supported by principal associate Colin Askew and associate Dean Andrews.

Louise Finnie commented: “It has been a pleasure to be involved in this transaction, which is our second for Bridges, and one which rewards a lot of hard work for the World of Books management team. This is the start of another exciting chapter for the business and we wish them every success.”

Oliver Wyncoll, partner at Bridges Ventures, commented: “Sustainable living is a key focus for Bridges, so we’re hugely excited to invest in World of Books. Its pioneering circular economy model is not only incredibly impactful – in terms of reducing waste – but also benefits charities and provides it with a strong market leading position in a growing sector. We would like to thank the Eversheds team for guiding us through this important transaction with their commercial view and technical expertise.”