Smiths News buys Hedgelane

■ Smiths News, Britain's biggest wholesaler of newspapers, magazines and books, has bought education products distributor Hedgelane for £38m to diversify outside its core newspaper and magazine business. Hedgelane supplies stationery and curriculum products principally to the education market. Smiths News also reported results for the first half of fiscal 2012, saying like-for-like revenue had fallen 3.7 per cent fall compared with a 4.8 per cent fall a year ago.