Hodder Stoughton Acquires Quercus Publishing
Hachette UK imprint Hodder & Stoughton has acquired Quercus Publishing for a reported $20.8 million. Quercus announced in January that it expected to make a ‘significant loss’ for the financial year 2013, and shortly afterwards released the news that it was up for sale. They have now sold to Hodder & Stoughton.
Hodder & Stoughton is a major publisher within Hachette UK, one of the UK’s biggest publishing groups. They publish a wide range of fiction and non-fiction titles.
Quercus Publishing Plc is an international trade publisher with offices in London and New York. Quercus specialises in commercial fiction, non-fiction and children’s publishing in digital and print formats and incorporates the prestigious MacLehose Press, Jo Fletcher Books and Heron Books imprints. Founded in 2004, Quercus has in its short life won many awards including Small Publisher of the Year in 2007, the Costa Book of the Year Award in the same year for Stef Penny’s Tenderness of Wolves, Independent Publisher of the Year in 2008 and Publisher of the Year in 2011.
Hodder & Stoughton Chairman, Tim Hely Hutchinson, stated: ‘My colleagues at Hodder and I greatly admire what has been achieved at Quercus in a relatively short time. If our offer is successful, Quercus will become a distinct division within our company and will benefit from Hachette UK Group’s funding resources and sales reach to secure a very bright future for the Quercus Group.’
Chief Executive of Quercus, Mark Smith, stated: ‘Over the last ten years we have built Quercus into a $33m+ revenue business, with divisions in both the UK and North America. During this time we have helped debut authors become established bestselling brand names, published the international phenomenon that is the Millennium Trilogy and have built what we believe to be a world class roster of authors from across the globe. For the next phase of its development and to fulfil Quercus’ potential, we believe that Hodder and Hachette UK is the right home for Quercus.’
Quercus Chairman David Potter said: ‘In today’s highly competitive and technological world, Quercus’ board believes that publishers will best fulfil their potential by being part of a larger and more diverse group. We believe that Hodder is the right home for Quercus and in particular our publishers and authors, who remain the lifeblood of our business.’