Shareholders to vote on management buy-out on 29 October.

 

The board of GNS Wholesale Limited (GNS) has signed an agreement under which PJY Consulting Pty Ltd, a company owned by GNS chief executive officer Paul Yardley (pictured), will acquire GNS’s operating business and assets. 

 

The transaction is subject to shareholder approval and other customary conditions and is expected to finalise in Q4 2026.

 

Around 300 newsagent shareholders will vote on the sale at an extraordinary general meeting on 29 October.

 

Financial terms of the transaction have not been disclosed.

 

In a statement to selected suppliers and relevant parties earlier this month, GNS stated that the office supplies and stationery market has been changing structurally for several years as digitisation reduces demand for traditional office products. 

 

“GNS has responded by growing market share and diversifying into new products, customers and channels, but its current corporate structure limits scope for introducing new capital to support growth,” the Sydney-based distributor said.

 

“The board has proactively examined a range of options for the future of the company before recommending the management buy-out,” it said.

 

GNS chairperson Robyn Watts added: “This transaction provides certainty for our customers, suppliers, financial stakeholders and, critically, our employees. 

 

“The board has carefully examined all options for the future of GNS, with the benefit of extensive independent advice. It positions GNS to build on relationships developed over more than six decades, and the board recommends that shareholders support it.”

 

Paul Yardley added: “GNS exists to help independent retailers and commercial resellers compete effectively. This transaction puts the business on a stronger financial footing, with access to capital to invest in a broader range and more efficient operations.

 

“I am committed to the industry and the long-term growth of GNS’ business. I see a real opportunity to bring manufacturers, wholesalers and resellers into closer alignment and take unnecessary cost out of the supply chain, so everyone can compete more effectively. I intend to move decisively to grow the business, including through consolidation where it creates value.

 

“Taking ownership of GNS is a long-term commitment to customers, suppliers and our people,” he said.

 

GNS was established in 1964 and is owned by several hundred newsagents. In recent years, the company has sold off properties in several states to reinvest in inventory, fill rates and service levels for customers.

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