Close
Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Search
Your Shopping Basket
Total number of items: 0
Sub total: £0.00
Go to Checkout
Our Birmingham Shop
Our Bristol Shop
Animators Survival Kit

Waterstone's sold for GBP 53m

20th May 2011

HMV has sold Waterstone's to the A&NN Group owned by Russian billionaire Alexander Mamut as it looks to ease rising debts.

The GBP 53 million deal will see James Daunt, owner of Daunt Books, come in to run the bookstore chain, while current Waterstone's managing director Dominic Myers will take up a role within HMV.

Mr Mamut says his decision to purchase the chain was inspired by a desire to focus on 'renewed customer responsiveness' and said Mr Daunt's 'undiluted commitment' to books will help to achieve this.

Mr Daunt said the move is akin to 'restoring faith' in Waterstone's after a tough year - Nielsen BookScan figures reveal that TCM sales were down 2.3 per cent year on year in the 12 months to April 30th.

'The main observation I would make is that I am on the outside still and I don’t come in until July 2nd. I'm not the money guy, I am coming in to run Waterstone's,' he told the Bookseller.

Before completing the sale, HMV revealed that like-for-like sales at Waterstone's were down 8.4 per cent and total sales down 11.3 per cent for the 17 weeks to April 30th.

Matt Piner, Verdict senior retail analyst, said the purchase constituted a 'gamble' on Mr Mamut's part and said the main challenge will be ensuring the brand remains relevant in an expanding digital market. 

Latest Blog
Sara Baume on the Books that have Influenced Her
20/02/2017

Exclusively for Foyles, Sara talks about the importance of art to her and her writing.

#FoylesFive: Book Boyfriends
14/02/2017

Why not curl up with a book boyfriend this Valentine's Day? The good thing about book boyfriends is you can have more than one and they never talk back!

#FoylesFive: Valentine Picks
10/02/2017

Some of our lovely booksellers at our Birmingham branch share their heartfelt picks for Valentine's Day.

View all Blog Entries
Twitter
Show/Hide Tweets
© W&G Foyle Ltd