News

No role for Waterstone after Mamut takeover

20.05.11 | Lisa Campbell

Tim Waterstone will take no role in the chain bearing his name and had no involvement in the Alexander Mamut-led acqusition of Waterstone's, The Bookseller can reveal.
 
The HMV Group announced this morning Waterstone’s that has been sold to Mamut’s A&NN Group for £53m, with London bookseller and close friend of the Russian billionaire James Daunt to become the managing director of the chain, as current head Dominic Myers takes up a new position at the HMV Group.
 
For months Waterstone was rumoured to be in alliance to buy Waterstone’s with Mamut in what would have been his sixth bid to buy back the chain. However, Daunt told The Bookseller Waterstone does not have a part in the final arrangement. He said: “Tim is not involved at all. Tim is a great friend of Daunt bookshop and a customer here and I am sure we will benefit from his wisdom, but he is not in this at all, he is not taking an advisory role.”
 
Daunt said he hoped he wouldn’t have to close any Waterstone's stores, but said he would know more about the business when he officially took up his role on 2nd July. He said: “I need to talk to [the staff] in there. Obviously I hope not, but these forward-looking questions are too premature at the moment.”

The new m.d. said he was looking forward to meeting the staff at Waterstone’s and said while he could not confirm his plans for the chain until he began at the company, digital development was “obviously” key. He said: “Digital is clearly important, but I need to talk to them at Waterstone’s . . . Talking to the staff is the first thing, that is my priority, [about] what they do and how they do it. I will be taking one step at a time.”
 
Mamut would not be hands on in running the company, he added. “Alexander has great interest in the company but he has rather bigger fish to fry,” Daunt said.

Daunt - Waterstone's "understocked"

Daunt Books: In Depth

 

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By Phil B

Involved or not, this must be a very satisfying outcome for Tim.

Fri, 20/05/2011 - 11:49
By JULIAN RIVERS

There is little doubt that James will concentrate on lifting Waterstones so that its bookselling offer, in terms of range , service, ambiance and staff skills equal Sainsbury's , the winner of the Chain Bookseller of the Year Award this week . They already have the supermarket style T shirts , so a good start .

Fri, 20/05/2011 - 12:12
By A Blacksell Bookweller

Julian, are you hoping for a Sainsbury's-style labelling system? Green means Radio 4-friendly, Orange means chick lit and Red means ghosted celebrity bio?

Fri, 20/05/2011 - 12:23
By StevieBullsaTatter

Given Tim's track record as a businessman, probably a good job that he's not involved directly.

Fri, 20/05/2011 - 12:55
By Snooky

Julian: Um, WHAT? Do you know anything about James Daunt/how he runs his shops? Personally, while I'm not going to get too excited, I think this is about the best outcome there could have been. Now, Mr Daunt, what was that I've heard about your policy of paying your staff a proper living wage?

Fri, 20/05/2011 - 13:02
By Blah blah blah

Julian was having a pop at the Book Industry Awards, not Mr Daunt...

Fri, 20/05/2011 - 13:07
By Snooky

Oops. Sorry, dude. I'm going to Sainsbury's now.

Fri, 20/05/2011 - 13:08
By Ray Hollingsworth / Sparkfilms

Ottaker's purchased by HMV Group for 62.9 million 5 years ago...( O's value had sunk from around 125 million in approx 9 months ) Waterstone's actual value will be zero by 2016. Branch by branch ( after deducting Brentford / Hub etc ) each of the 314 units settles at a value of around 150K a piece...ie - nothing. 100 branches of Waterstone's need to be closed ASAP. Don't expect to see the W brand on the high street in 5 years time...nor HMV ( 2 years if they are lucky ). Much love to all from New York City limits. xxx

Fri, 20/05/2011 - 13:35
By mary portash

yes, there is no denying these facts given to us by the astute Ray Hollingsworth. One wonders how many months of dismal sales figures before the axe begins to fall...

Fri, 20/05/2011 - 15:35
By Bookish

I like the fact the has said he will talk to staff - the man clearly knows how to run a good business, but does he know how to run a BIG business?

I really hope so.

I would like to think they get rid of the dusty pheonix system...it hinders us on a daily basis.

I'd like to see yearly appraisals for all staff and based on their grading they get a payrise or not..It means the best staff get retained and the others have something to aim for.

Fri, 20/05/2011 - 20:16
By Hello Autumn Friends

What's this? All 10 comments deemed unsuitable to be seen?

Fri, 20/05/2011 - 20:51
By Ralf

First area must be the removal of the wasteful cost of consultants at Head Office. Senior managers have not been consulted on business direction for months. These consultants do not have book experience and work in isolation with members of the board. Talk to your staff. The knowledge and experience is there already !!! Just give them a voice.

Fri, 20/05/2011 - 20:54
By Old Bookseller

Waterstone has led a charmed life - attempting to buy back the chain he created, almost lost, sold out and so on and so on displays a desperation to be 'someone'. Whatever happened to Daisy and Tom too? Have a look at some of Tim's quotes about that closure. If he'd been involved it would all be belly up in two years. It may still be, given the support publishers give to supermarkets and the internet trade - and not just Amazon either..

Fri, 20/05/2011 - 21:21
By Mike

Ralf - there are no consultants working in brentford, so not much saving there I'm afraid.

Fri, 20/05/2011 - 22:41
By Daphne Bentwater

At a time when no one really knows where bookselling, publishing, authoring or agenting is going it is a brave man who spends 50 odd million on a fading brand. I wish all at Waterstones well, but as I tell my daughter who works there a career move it ain't.

Sat, 21/05/2011 - 04:07
By mary portash

yes Daphne, your daughter might be better off seeking a bookselling career with Sainsbury's...they know a thing or two about selling best sellers.

Sat, 21/05/2011 - 05:57
By Daphne Bentwater

Ray, you in Central Park. How exciting are you a "bum", what we Little Englanders on this side of the Pond would call a Vagrant ? Do they have Special Brew or equivalent "Stateside" ?

Sat, 21/05/2011 - 11:48
By Phil B

Involved or not, this must be a very satisfying outcome for Tim.

Fri, 20/05/2011 - 11:49
By JULIAN RIVERS

There is little doubt that James will concentrate on lifting Waterstones so that its bookselling offer, in terms of range , service, ambiance and staff skills equal Sainsbury's , the winner of the Chain Bookseller of the Year Award this week . They already have the supermarket style T shirts , so a good start .

Fri, 20/05/2011 - 12:12
By A Blacksell Bookweller

Julian, are you hoping for a Sainsbury's-style labelling system? Green means Radio 4-friendly, Orange means chick lit and Red means ghosted celebrity bio?

Fri, 20/05/2011 - 12:23
By StevieBullsaTatter

Given Tim's track record as a businessman, probably a good job that he's not involved directly.

Fri, 20/05/2011 - 12:55
By Snooky

Julian: Um, WHAT? Do you know anything about James Daunt/how he runs his shops? Personally, while I'm not going to get too excited, I think this is about the best outcome there could have been. Now, Mr Daunt, what was that I've heard about your policy of paying your staff a proper living wage?

Fri, 20/05/2011 - 13:02
By Blah blah blah

Julian was having a pop at the Book Industry Awards, not Mr Daunt...

Fri, 20/05/2011 - 13:07
By Snooky

Oops. Sorry, dude. I'm going to Sainsbury's now.

Fri, 20/05/2011 - 13:08
By Ray Hollingsworth / Sparkfilms

Ottaker's purchased by HMV Group for 62.9 million 5 years ago...( O's value had sunk from around 125 million in approx 9 months ) Waterstone's actual value will be zero by 2016. Branch by branch ( after deducting Brentford / Hub etc ) each of the 314 units settles at a value of around 150K a piece...ie - nothing. 100 branches of Waterstone's need to be closed ASAP. Don't expect to see the W brand on the high street in 5 years time...nor HMV ( 2 years if they are lucky ). Much love to all from New York City limits. xxx

Fri, 20/05/2011 - 13:35
By mary portash

yes, there is no denying these facts given to us by the astute Ray Hollingsworth. One wonders how many months of dismal sales figures before the axe begins to fall...

Fri, 20/05/2011 - 15:35
By Bookish

I like the fact the has said he will talk to staff - the man clearly knows how to run a good business, but does he know how to run a BIG business?

I really hope so.

I would like to think they get rid of the dusty pheonix system...it hinders us on a daily basis.

I'd like to see yearly appraisals for all staff and based on their grading they get a payrise or not..It means the best staff get retained and the others have something to aim for.

Fri, 20/05/2011 - 20:16
By Hello Autumn Friends

What's this? All 10 comments deemed unsuitable to be seen?

Fri, 20/05/2011 - 20:51
By Ralf

First area must be the removal of the wasteful cost of consultants at Head Office. Senior managers have not been consulted on business direction for months. These consultants do not have book experience and work in isolation with members of the board. Talk to your staff. The knowledge and experience is there already !!! Just give them a voice.

Fri, 20/05/2011 - 20:54
By Mike

Ralf - there are no consultants working in brentford, so not much saving there I'm afraid.

Fri, 20/05/2011 - 22:41
By Old Bookseller

Waterstone has led a charmed life - attempting to buy back the chain he created, almost lost, sold out and so on and so on displays a desperation to be 'someone'. Whatever happened to Daisy and Tom too? Have a look at some of Tim's quotes about that closure. If he'd been involved it would all be belly up in two years. It may still be, given the support publishers give to supermarkets and the internet trade - and not just Amazon either..

Fri, 20/05/2011 - 21:21
By Daphne Bentwater

At a time when no one really knows where bookselling, publishing, authoring or agenting is going it is a brave man who spends 50 odd million on a fading brand. I wish all at Waterstones well, but as I tell my daughter who works there a career move it ain't.

Sat, 21/05/2011 - 04:07
By mary portash

yes Daphne, your daughter might be better off seeking a bookselling career with Sainsbury's...they know a thing or two about selling best sellers.

Sat, 21/05/2011 - 05:57
By Daphne Bentwater

Ray, you in Central Park. How exciting are you a "bum", what we Little Englanders on this side of the Pond would call a Vagrant ? Do they have Special Brew or equivalent "Stateside" ?

Sat, 21/05/2011 - 11:48

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