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Buyers circle BookRabbit

25.06.08 Graeme Neill

Four buyers have expressed an interest in taking over the e-commerce side of Retail8, which includes the BookRabbit and Samedaybooks websites. The revelation follows a review by parent company ArgentVive, which found that the business required "working capital properly to fund its marketing and development activities". Earlier this month majority shareholder Charles Denton said that he did not intend to make an offer to buy the remaining shares, though said he was still committed to the group.

Kevin Fleming, finance director of ArgentVive, told The Bookseller: "We have been approached by several parties during the past few weeks. I wouldn't necessarily classify the business as being up for sale but if we were to receive offers for the business we would consider it."

Fleming said that Bookrabbit, a shopping website with social networking capabilities that launched in March, had "enormous potential" but required additional funding to support and develop it further. "At this point there is not a huge amount of capital so we need to be selective about how we spend it," he said. "BookRabbit is, to a degree, an unproven revenue model so it's something we need to keep a close eye on and look at any offers that come in."

The announcement follows a strategic operational review of ArgentVive, where it has looked at the performance of its various businesses. Among its subsidiaries are software company Solcara and wholesaler Waterside Book Services, which is performing "in line with expectations" according to ArgentVive. The company also operates bookshops in Chertsey and Worthing.

Retail8 m.d. Kieron Smith was unavailable for comment.

Retail Graeme Neill Samedaybooks Charles Denton Home Kieron Smith bookrabbit ArgentVive

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By Roger Crossland

BOOK RABBIT: ''The idea is that book lovers traipsing the streets of the UK will use a mobile phone, or perhaps a passing computer, to find their nearest bookshop, and check its stock. If you want a bookshop then the rabbit will get it for you, if you want a book then it'll get that too." The article forgot to mention that, oh and ArgentVive forgot to implement it - I tell a lie, think it lasted 6 weeks, then was ditched and they proceeded to keep each and every sale for themselves (after all the publicity of course). Not surprised Kieron was unavailable - somebody may ask him a question he doesn't want to answer.

25 Jun 08 18:01

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By Kieron Smith

Hi Roger Thanks for that - after a long day that was really welcome. The mobile BookRabbit solution was the first iteration of the platform that we launched after only four week's work. We always planned to grow this into something bigger, which we did over a very few months. All the bookshop finding functionality is built into every single book product page on the site on the top tab, which shows you details of your local independent and their contact details. Because we've only worked on this project for about six months in total - and tried to cram a lot in - I wasn't 100% happy with our 'launch solution' for independents, they can still register and list stock but it's a bit clumsy to say the least. As a result we're working on something that does work properly. Nothing has been hidden, and I still stand by every single thing I've ever said about the site, and our desire to do things a bit different for our customers, including involving the other independent bookstores. Don't forget we run the Chertsey and Worthing bookshops too. I was only unavailable for comment today because we had an off site marketing planning meeting, always happy to answer any question to the best of my abilities. The issues the group is facing at the moment aren't something I can really comment on however as outside of my remit, I don't sit on the main board. Best Kieron

25 Jun 08 18:17

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