HMV completes disposal of Waterstone's chain
HMV Group has announced that it has officially completed the sale of the Waterstone's bookshop chain to Alexander Mamut's A&NN Capital Fund.
The £53 million deal was approved by shareholders at an emergency general meeting last Thursday. HMV, which employs 13,000 staff, plans to use the proceeds of the sale to reduce its £170 million debt pile.
The news comes as James Daunt, owner of independent bookseller Daunts, takes over as managing director of the Waterstone's chain. The chain's new owners are said to be considering an overhaul of the brand to give Waterstone's a fresh image as a local community bookseller.
HMV said last month that the disposal represented "an important step towards strengthening the capital structure of the remaining HMV Group."
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