The two retail brands will become part of William Reed’s Retail and Manufacturing business unit, which includes The Grocer, Convenience Store, Forecourt Trader, British Baker and Food Manufacture.
Commenting on the acquisitions, William Reed chief executive Charles Reed said: “Retail Week is a very strong well-established brand, with a combination of reader revenue, excellent events, and a marketing solutions business that overall delivers great value to the retail community.
“World Retail Congress has been shaping the future of retail since 2007 and complements our strategy of owning market leading global brands. We are delighted to welcome our new colleagues from Retail Week and World Retail Congress.”
The Retail Week and World Retail Congress teams will operate as a standalone team under managing director Hana Jackson, who will report into William Reed managing director for retail, manufacturing and hospitality Lorraine Hendle.
Jackson added: “William Reed’s market and core customer groups are closely aligned to ours and with the retail industry facing unprecedented change, this combination of two great businesses and their respective services and capabilities represents a really positive move for the sector as a whole.
“Retail Week and World Retail Congress is a great business, and William Reed is the best environment to provide the support and focus that the business needs. The sale is the start of a great new chapter for Retail Week and World Retail Congress.”
William Reed’s purchase of Retail Week and World Retail Congress followed the acquisitions of The London Coffee Festival and subsequently Rethink – an events business focused on the agri-tech and food-tech sectors – last year.
Meanwhile, in other acquisition news, last month saw Drinks firm AG Barr acquire full control of Moma Foods for a total cash consideration of £3.4m.