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Booktopia exits publishing JV, losing $1.6 million

(Source: Bigstock.)
Booktopia Group says it has sold its stake in publishing business Welbeck ANZ, losing $1.6 million on the short-lived joint venture.  The online book retailer sold its shares to its joint venture partner Welbeck Publishing Group (UK) for £838,350 ($1.5 million), representing a $500,000 gain on book value, but well below the $3.1 million it paid last year.  Booktopia took a 25 per cent interest in the business in a deal that included a distribution agreement, now dissolved.  “Despite the de
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