Waterstones sold to Elliott Advisors
With sales of more than £400 million in its last financial year, the chain operates over 280 shops in the UK, Ireland, the Netherlands and Belgium.
James Daunt will remain as the company’s chief executive and will retain his key management team following the sale. He has been in place since 2011 when Alexander Mamut bought the chain from HMV and gave him responsibility for turning the business around.
Mamut put the company up for sale late last year.
Commenting on the news, Daunt said: “This is a very happy outcome for Waterstones. Our booksellers can be extremely proud to have proved through good, old-fashioned bookselling the enduring appeal of real bookshops.”
It is understood that Mamut’s Lynwood Investments will retain a minority stake in the business.
Daunt added: “I thank Lynwood Investments for their invaluable support through this turnaround, and we enter new ownership looking forward with great optimism to the next chapter in the development of Waterstones.”
Image courtesy of Waterstones
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