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Waterstone plans to "return chain to stock-holding roots"
28.03.11 | Bookseller Staff
Tim Waterstone is reportedly assembling a management team for Waterstone's with a view of returning the chain to its stock-holding roots, as speculation mounts about a bid.
The weekend press extensively reported on the future of Waterstone's after HMV Group announced on Friday [25th March] it was seeking "strategic options" for the book chain.
The Daily Mail reported on Saturday that Waterstone’s founder Tim Waterstone and his partners were entering into “exclusive talks” with the HMV Group in an attempt to buy the chain with Russian millionaire tycoon Alexander Mamut. The Russian owns a 6.1% stake in the HMV Group and it would be the sixth time Waterstone would have attempted to regain control of the bookseller he started in 1982.
The Guardian also reported Waterstone would take a senior role in the company were the duo’s bid successful. It said: "Mamut and Waterstone have been assembling a management team with the vision of returning Waterstone's to its roots as a stock-holding book chain with knowledgeable staff." However, the Mail's piece suggested he would not take a daily role if his bid was successful.
The Independent reported Mamut would could use cash from the imminent flotation of his mobile phone retail business, Euroset, to bid for Waterstone's.
The Mirror reported the group’s shares jumped by 4% after the news the bookseller may be put up for sale.
Other names circulating as possible bidders in the newspaper include restructuring firm Hilco and James Heneage, founder of book chain Ottakar's, which was bought by Waterstone's.
A possible management buyout by Dominic Myers, as suggested by publishers to The Bookseller on Friday, has also been repeated in the national press.
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Whoever buys us, I hope they concentrate on getting the business back to what it once was and not flood shops with unwanted add-on sale nonsense like chocolate, easter eggs, mugs, etc.
Tim has been out of the business a while hasn't he? Would it not be better for someone more in touch with the current book market (ie dominic) to take over? As far as I can remember, Mamut has experience in the Russian book market but thats not the same as the one here. And I like the stationery and mugs and chocolate, although I seem to be the only one who does! They generate more sales for the store and they help make our promotional tables really eye catching and inviting. Linksaves are a pointless loss leader though.
I think HMV will be disappointed when they realise Tim waterstone will pay a bottom price for waterstones and nowhere near the £75 million quoted. HMV's market value is less than £75 million so he's not a fool and pay over the odds. Remember HMV have to sell i.e that will mean a low price possibly £30-£40 million and no more. Mamut may pay £80-90 million for the whole group and sell the HMV and venues bits off. Waterstones bookstores look likely to remain on the high street with different owners, HMV future looks very bleak and unclear if it will around my christmas... We wait and see....
HMV may just become an online brand, "His masters Voice" dog could have been as big as Meerkats if they had concentrated on a multimedia on line presence, waterstones will probably revert to the store size it had at the end of the 80s.
People said similar things about Kenny Dalglish, yet he seems to be doing OK... seriously though, I have similar doubts about a Tim Waterstone buyout, despite its romantic appeal to The Grauniad.
The biggest loss here will be my staff discount at HMV if the two break apart!
*sob*
The HMV discount is not really what was years ago as now you can most things cheaper online even after the discount.
I started pursuing 'strategic options' with my music and book purchases when they said we'd get no pay rise.I haven't used staff discount since. It's ALWAYS cheaper on Amazon. Loyalty is a two-way process.
Button linksaves are not sold at a loss, the margin on them is actually very good, as much as it pains me to say it.
Dosen't anybody remember that Tim Waterstone couldn't keep the chain going even in the good old days and how Waterstones passed to WH Smith at the end of the 80's ? Why should he do any better now ?
I wouldn't be surprised if WHS put in an offer for the chain. If I was them, that's what I would do.
I agree with Cheap Bookseller...I'm gonna miss my discount :(
A Publisher - why would WHS buy it now? Even assuming they'd be allowed by the competition commission. What do you think they'd do differently this time - that they didn't do last time they owned Waterstone's? Why would it work this time?
"Would you like a drink with your latest bestseller or would you rather a real bookshop like Waterstone's once was?
This may last 20 m0nths or so,but Tim is all front and no pier, and it just wont work on a proper financial basis .
Exactly - the whole point of a linksave is to drive margin. Who's out of touch exactly, Button?
So, failed entrepreneur Tim Washstand and Russian olliwobble Gregori Snogalot think they can make this work, eh ?
Yo Yo Cuzes, I be back. Now tell me truly and tell me straight, who the heck IS Little Timmy Waterstones, that peeps be thinkin' he is gunna turn this big ole ship around? You be foolin', right? He was long time gone by the time I joined The Big Dubya, and to my mind, he couldn't hack it in the good ole days, when people be sayin' 'Yo, 'sup Homeslice, gimme one a dem books, dis book and two of dey other books, das right, you heard me, TWO of dat, one for me and one for my paisano'. Back in the day, yo, that boy done run outta cashmoney and had to run. He up, split and left. See y'all laters TBag! And out the door he went with a swag. Now he wanna come back and put his sneaks under the table again like'n all he never left? Oh Pshaw! Return the chain to it's stock holdin' roots? Wake up! We gotta get back to out book SELLIN' roots. And let's not forget, we in a recession. Ain't nobody got no money. We gotta hunker down. We gotta simmer down. We gots to keep it tight. Keep it secret! Keep it safe!
Tim Washstand and his Walligarch ? I don't really think so.
Oh great ! More of this, more humour, more fun ! Well done !
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