News

Waterstone's sold, Daunt in, Myers out

Waterstone's has been sold to Alexander Mamut's A&NN Group for £53m.

In a surprise move, James Daunt will run the bookseller as its managing director when the deal completes, with current m.d. Dominic Myers to take a new role within its former parent HMV Group. The new owner has promised "an undiluted commitment to books and bookselling".

HMV Group made the announcement to the City this morning. Upon completion of the deal, £40m will be paid with another £13m paid on 31st October. Daunt Books itself will remain independently run, as now, by its existing shop management. There is no mention of any involvement from the chain's founder Tim Waterstone, who it had been widely reported was working on the deal with Mamut.

The new owner said Daunt intended to oversee a comprehensive review of the business and operations of the bookseller. Daunt told The Bookseller: “The main observation I would make is that I am on the outside still and I don’t come in until 2nd July. I’m not the money guy, I am coming in to run it . . . This is an important investment from A&NN which will secure a dynamic future for the UK’s largest bookshop chain. I look forward to working with Alexander and with the Waterstone’s team, and in particular to the challenge of restoring a faith in excellent bookselling to the heart of the business."

In an email to staff, Myers said he had “enjoyed” his time at Waterstone’s and thanked staff for their skill and support. He said: “Everything that has been done in the last year has been achieved through the skill, motivation and sheer hard work of the fantastic team at Waterstone's—I thank them for their massive support and am delighted that this process will now allow them to really flourish. I'm sure the entire industry will join me in also wishing my successor well.”
 
HMV’s c.e.o Simon Fox hailed Myers’ “inspirational” leadership and said he had “re-energised” the store and “the bookselling skills for which our stores are renowned have been successfully revived”. He added: “Dominic and his highly skilled team have also resolved many of the operational challenges faced by the company, including the hub. As a result, the profitability of Waterstone's has improved significantly compared to the prior year, and Dominic's leadership of the business in a challenging time for the industry has earned the recognition of our book trade partners.”  

The detail of the business plan and forward strategy would be "refined subsequently". Mamut said his investment had been inspired and motivated by the opportunity to refocus the core business of bookselling towards a renewed customer responsiveness. He said: "The opportunity ahead to reposition Waterstone’s as a regional and local community-orientated bookseller is an exciting one. The business enjoys a great loyalty from its customers and I believe that there is considerable integrity and value in the brand." Of Daunt, he said: "I am equally delighted that we will have in James Daunt an m.d. who shares my belief that Waterstone’s future success lies in an undiluted commitment to books and bookselling."

The deal, which HMV Group expects to go through by the end of June, is subject to shareholder approval, as well as the banks that have lent HMV Group cash. The retailer said banks were supportive of the disposal and were considering it in the light of the renegotiation of terms of money leant to HMV Group. However, it warned if it cannot renegotiate its debt, the sale will not go ahead.

HMV Group also revealed this morning Waterstone's had a like-for-like sales decline of 3.8% for the 12 months to the end of April with total sales down 4%. For the 17 weeks ending 30th April, like-for-like sales were down 8.4% and total sales down 11.3%. HMV Group blamed a "weak" book market and loss of share for the decline.

Nielsen BookScan figures show Waterstone's was performing worse than the wider book market. TCM sales were down 2.3% (£39m) year on year to £1.68bn, for the 52 weeks to 30th April. This year's TCM sales for the 17 weeks to 30th April were down 3.4% (£15.7m) year on year to £447m.

Mamut added: "We are extremely pleased to have reached an agreement to acquire Waterstone's and its great heritage. I believe that our investment and strategy will secure a dynamic future for the UK's largest selling bookshop chain and I look forward to working with its booksellers in building on the principle of excellent bookselling which is at the very heart of the business."

Verdict senior retail analyst Matt Piner said Mamut's purchase constituted a "gamble". He said: "Physical book stores have more of a lure than music stores, but this has not stopped them losing share to Amazon, supermarkets and latterly, e-readers and kindles. Mamut has shown real belief in the value of being the last man standing. In order for his investment to be successful he will have to continue restoring the specialist appeal of Waterstone's, as well as finding ways of ensuring it remains relevant as the digital market in particular continues to grow.”

Blog: Daunting times

Blog: Too big to fail

Comments: Scroll down for the latest comments and to have your say

By posting on this website you agree to the Bookseller comments policy. Comments go direct to live please be relevant, brief and definitely not abusive. Report any "unsuitable comments by clicking the links"

also, the Mystery Shopper is now a complete waste of time!
the original Mystery Shopper was annoying, but at least it made staff aware of how to treat customers and taugth them how to get better sales.
The current Mystery Shopper test is pernickity at best, but at worst it's losing customers, as the ones who aren't Mystery Shoppers feel harangued and pestered.

It's had its day, now leave it alone. (or at the most, throw one of the old style ones in once a quarter and stop it being like the Sword of Damocles)

Using the net and box-ticking as criteria to choose staff is crazy. You can tell more about a person face-to-face than from any application form. I recommended an excellent person to the manager of our branch last year. He lived 5 minutes away, was a brilliant A-level student, great with people and a fast learner and hard worker. Instead of being seen by the manager he had to apply online. The job went to a totally useless person of the same age who didn't even live locally - turned out to be a total brown-noser and had no idea about books or spelling, grammar, geography or anything else for that matter.

So please, can we employ people on the basis of their personality, knowledge, education instead of asking them what colour their parachute would be?

One more thing - anyone reading all these comments - don't they see that the current booksellers really, really care instead of saying that they whinge???

it seems that this is one unhappy shop, there will be an awful lot of changes on the way and I cannot see them being popular. best to give up now while you still have your sanity.

Serf - you've highlighted exactly why I left Waterstone's. Bullying of the managers from the regional managers only lead to bullying of the rest of the staff by the managers. I have a lot of affection for Waterstone's, and I hope for all my former colleagues that things get better with Daunt at the helm.

It'd be a shame to see the Kings Rd branch go... their manager is probably the best in the chain. Used to be my boss when he was managing the Clapham Jct store...

Should probably add that I no longer work for the W now!

Good God... had things really got that bad? I left the chain in July last year... probably would've ignored them and ordered stuff in anyway!

I have just one suggestion for Mr Daunt - discipline anyone who uses the term JFDI as a 'motivational' phrase.

Isn't it amazing that people (Myers team presumably) say how wonderful he was? He hasn't 'turned W'stone around'. He destocked the shops to make the balance sheets look better, had the shelves covered with so much POS rubbish that it was hard to see the books, transformed the front of store into cardshops, wasted tons of money with rebranding one of the best established and respected chains in the country, wasted money on bits of cardboard,training programmes which implied that shopfloor staff were totally dumb (none of them worked) a new ridiculous T-shirt every five minutes - need I go on. Waterstones so far has been something of a freak - all managers at the head who think they don't need the body i.e. the booksellers. All the above were thought up by managers creating jobs for themselves, justifying their office space and their salaries which are much higher than those of the people they used until now to support the company. Not Dominic's fault? Of course it was, he gave it the green light.
I have worked for W'stones for 7 years and I have never been spoken to by a single person from head office. The suits that came to huddle in a tight group on the shopfloor totally ignored the booksellers actually doing the ...er...selling of books. As for uniforms, I agree that staff should be easy to spot by customers. What is wrong with giving everyone a proper shirt of the same colour??? Those poor-quality lumpy, frumpy T-shirts (not everyone has a great figure) made the shops look as though the staff all lived in a trailer park with no washing or ironing facilities. I hope the next style of management will introduce the notion that it's worth making yourself look clean, tidy and well dressed - out of respect for our customers - so no more unwashed looking staff with spikes through their faces, no more builder's bums hanging out of low-slung frayed jeans like the guys in HMV. Waterstones should not be that desperate for street cred. I'm perfectly able to sell manga and goth books without having to look like the kids who read them.But it's the older generations who buy the expensive books and they deserve at least as much consideration when faced with staff. I don't think that booksellers are now going to start clamouring for higher rates; all they want is to be treated with respect, not as sandwich boards. If under Myers and Gerry Johnson store managers had employed capable booksellers, neither all that training paranoia nor paraphanalia would have been necessary. And let managers employ local staff whom they see face to face instead of taken the best box-tickers.
SUGGGESTION FOR JAMES DAUNT - PLEASE DO An anonymous SURVEY AMONG BOOKSELLERS to find out what is actually going on on the shop floor at the moment. This would save a lot of money and time and lead to much improvement. And please, please, get rid of all those managers, sub-managers, sub-sub assistant managers pleeeease.

I do wonder why we have a top 100 chart at the front of the shop but, as a lowly bookseller, I'm loathe to suggest anything since all the shops must look the same.

We talk about a bullying culture, as a manager of a Waterstone's store, I say that bullying culture came from the top, it came from Dominic. Having been on the end of one of his intimidating store visits, I have to say personally I'm glad of the decision he has made.
I've seen enough of my colleagues leave or step-down in the past 5 years, hopefully things will change and move away from an impossible job. At the moment I'm in a store that is struggling to survive, yet still we are being reminded every day about the need to force linksaves, with no appeal to our core customers, down their throats. Every day we are being reminded of the need to sell overpriced related products that, again, don't match our market. Every day we are sending customers away because we have returned the range that they want, or we can't supply the technology. We have stripped our range to create feature space that we couldn't fill, now even that has been taken back and we have been told what we need to do with that space.
Let me save my store, let me get rid of a chart that doesn't work, let me choose the related products that I know I can sell, let me reduce the amount of campaign and increase the range of books I know I can sell, let me give my bookshop back to the booksellers that know our customers and their sections. Put us in whatever colour t-shirts you want, but let us run our store that provides us a wage in a way that we know will make money.
15 years ago stores reflected the manager and the team that ran them, obviously we can't go back to those days (and I wouldn't want to), but let's have a bit more local control.. please Mr Daunt!

Hurrah! Hurrah!

We are a small publisher of non book products (Dodo Pad diaries and gift organisers). Our brand has been around for 45 years and it is still, with careful management (like Marmite or Heinz baked beans) relevant and desirable to consumers.

For many, many years we enjoyed a good relationship with the all the stores and their managers (Hammicks, Ottakars and Waterstones) and we all did good business together - and each year the business grew.

The last 2/3 years have been so disheartening such that we stopped supplying this year because we felt such a lack of any respect towards us as suppliers and publishers - it was just not worth the effort. We did this with a heavy heart as we TOTALLY believe in real bookshops being at the heart of our business - the look and the feel and the touch of a book or gift diary/organiser is something the virtual world will never be able to replicate.

So long live Waterstones and I hope we will soon be back supplying in the near future as we did before!

As an avid reader of this page (but not often a contributor!) I am really heartened to see much more positive comments being posted at this news. lets hope the gloom monkeys don't have anything to report too quickly.
Good luck to all of the Staff and Suppliers.

Overall this feels like good news but I am sorry to see Dominic go- it does seem as if some of the better senior staff have left in recent months with the weaker ones staying. The commitment to books will bring real challenges though. High St book sales have not grown for years and if RP is to be reduced that will present a further 5-8% of extra sales to come from books. Plus more book range brings it's own costs- lower margins, incresed returns and write off and higher sourcing and supply costs. But I still feel it is worth a shot- to be honest it sounds like DM's original strategy- local and more range - but I imagine his hands were tied by HMV and it could not become a reality. Looking forward to the next few months all the same, morale is high.

As a former Waterstones employee, I have my fingers crossed for changes to all the things that drove me out of the shop feeling far more cynical about the bookseller trade than I had been when I started.

After the beautiful North Street shop in Guildford was shut down earlier this year, all we had left was the highly commercial shop on the High Street. Though saddened, this was understandable. You don't need two branches in a medium sized town, and of course the High Street location made more money for the company. Some of the stock was getting transferred from the shut down shop to the High Street, so remained hopeful that they would at least be a better stocked shop.

Yeah right. Let's take the Science Fiction and Fantasy shelves as an example (though I've recently noticed the same thing happening to Children's fiction). The gigantic high street shop has close to a carbon copy of the stock in genre fiction as its much smaller shop one town over. They just have more copies of each book on the shelves. What happens to the buyers who have read everything they want to from that selection? Browsing becomes impossible - even between different shops. The result is that purchases go down, and when HQ notices this on the spreadsheet that tells them how certain sections are doing, they start reducing the size of that section, replacing it with stationery or other bits and bobs.

In the case of the Guildford store, genre fiction was massively reduced and replaced with ... magazine racks.

WH Smiths is directly across the street.

Oh dear.

You were right!

Let's all calm down and manage our expectations here...this is the pre-honeymoon period and already we've got rid of staff uniforms, every RM, banished linksaves, ditched RP and kept all of our shops open.

I personally think there are reasons to be cheerful. Our performance in the context of the current climate and stock restrictions is actually ok and I would say that with some investment in stock and shop staff there is cause to be optimistic. The caveat is the weird atavistic yearning for the good old days from certain quarters - we're so far beyond that in terms of where the market has gone and for that reason Tim Waterstones lack of involvement is, in my opinion, a good thing.

An attempt to return, wholesale, to the good old days would be a huge mistake in the current trading environment. Shopfloor staff need to be easily identifiable, linksaves make up a significant portion of the stores weekly profit and in a world where the consumer is less interested in full price backlist non-book items that are of interest to Waterstone's customers are a good thing.

I thought before the sale that Mamut and partner would need almost limitless investment and some kind of genius innovation that no-ones thought of yet (not bright coloured cardboard..)to keep the chain going with anything like the number of shops it has now. Nothing I've heard so far gives me much confidence this will be the case. Daunt's London stores are great..but anyone who things this could be the reality in their provincial shopping centre store is, er, a bit silly. The talk about repositioning as a serious range bookseller with a 'local' offer is all a bit Myers 2010, and look how that ended up (the last box i opened on friday contained 1/2 price Madeleine McCann by the dozen along with joke moustaches, thermos flasks and novelty salt and pepper shakers).
This is obviously the best thing that could have happened at this moment and I wish Daunt and Mamut all the best-I just hope they're keeping their cards close to their chest because RADICAL change is needed in stores and haven't heard anything particularly new from either of them so far.

mr Daunt,

please please please put an end to the purple people eaters and give us back our dignity, we work in a book shop, not a candy store.
kind of tired of customers making (not) funny comments about the terrible T's we have been put in. "i will if i need to" (yawns)
ps, welcome to Waterstones

At last....Can we please order in some stock now? been a pain in the back side the last 2 months of not being able to order anything in.
Lost sooo many sales.

But yay for the new owner :) im sure a lot of the stores will point out where hmv failed to take notice.

spot on Darran ... the Daunt model works (for the moment) because of the exclusive locations. Recent research shows that for every 100 'heavy' book buyers, 70 browse in store to shop later on line. Has Mamut bought Amazon's catalogue? More roubles than sense ... James Daunt was right when he said 'there will be no more chain booksellers in 3 years time'. What's changed his tune? The fact that sainsburys wins 'Bookseller of the year' should tell us everything we need to know about the future for high st retail booksellers.
The future is digital, online and supermarket discounted. The End.

Hopefuly, we can have some positive comments from staff... heads down, guys, get on with your work, and let's hope the business moves forward.
Yes, there will probably be closures but fingers crossed, yeah?

PS - Bye bye, Mr Myers.

But what of Dominics number 2 Michael Neil?

Hopefully the sale will be approved by all parties.

I would suggest that part of the current recent sales dip at Waterstone's is due to the chain being on stop with certain distributors and the reluctance of some sections of the publishing industry to get behind the chain in their hour of need.

I like it! Most people i know are desparte to supply Waterstones! But they can't supply what isn't ordered.

It works both ways you know, Clive.... "Some sections of the publishing industry" would have liked to see a more enthusiastic embrace of their product over the last 2-3 years by Waterstones, but apparently we can't all have what we want. Most publishers do not take lightly the decision to put a chain like Waterstones on stop.

This appears to be a bold offer for an ailing chain. It shows a level of commitment and some good sense too with Daunt at the helm. The future looks much rosier this morning I think.

Great news on the sale.

I don't agree publishers are at fault here though; Waterstone's simply stopped ordering books in March/April, even new books with lots of national publicity and top Amazon rankings - no orders at all from Watertsones! I think they were instructed to preserve cash in order to make sale work better financially for HMV. Let's hope they start ordering books soon.

If it's true about James Daunt, then Mamut couldn't send out a clearer signal that he wants Waterstone's to become the quality range bookseller that it used to be.

This is fantastic news for the staff - God knows they deserve it - and I think we should congratulate Mr Mamut who, at the final hour, paid far more for the chain than it's worth. Jobs will be a lot safer (apart from a few senior management positions) under the new ownership.

Now it's up to the publishers to support the new owners of Waterstone's and help to bring the customers back: better terms, head starts on the supermarkets for new titles, and help with getting big name authors in the stores. This Waterstone's last chance and they'll need all the help they can get.

I wrote the above before James Daunt had been confirmed as MD. I'm really pleased it's now official, but where's Tim Waterstone in all of this?

Thank god! now lets get on with getting this company out of the doldrums, stop wasting money on rubbish, treat your staff well and with respect and we might finally turn this mess about, hoping to see an end to a repressive bullying culture where staff are treated very badly indeed! and thank god we can actually STOCK books
Best of luck to all my fellow booksellers!))

"An undiluted commitment to books and bookselling".

Is he saying that we'll be backing down from mugs, chocolate, etc?

finally i can hear the bells ringing.. thank god for alexander mamut. money and brains. i'm sure this will bring back the motivation for my colleagues, and there's hope yet we will finally get the place we so deserve on the high street ..can't wait for all the 'changes' he's going to bring.. wonder who or what (linksaves, KPI's) is going to be shown the door first !

So much nonsense has been produced over the years - that ridiculous "four quadrants" training module, 'Get Selling', the 'brand wheel', 'Feel Every Word'... The MDF shelves in my office buckled under the weight of countless ringbinder files and whenever I tried to read this material, it was just meaningless, badly written, patronising rubbish.

Mr Daunt should order a small skip for each shop so that managers can dump the whole lot and never think about it again.

Bill Clinton famously had a sign on his desk that said "It's the economy, stupid!". HMV could have done with one about Waterstone's - "It's the books, stupid!". Now, hopefully, managers will no longer waste most of their time worrying about campaign changeovers, KPIs, mystery shoppers and the like, so that they can get on with the business of creating a bookshop that is so wonderful, people keep coming back.

Some good news about Waterstone's at last. I find it cheering that in spite of the corporate nonsense which has enveloped our biggest bookseller, it's still seen as 'our' bookseller. There is a lot of good will towards Waterstone's. I hope the new management team can take the benefit from this.

Thank goodness its finally gone through and we can get on with our jobs. I'm gonna miss myers tho, he was a good guy.

He was likeable on an individual level, but I would have had more respect for him if the changes he implemented had been more than cosmetic. One year after he took over, the bullying regional managers still had their jobs and staff were still being threatened with disciplinary action over trivial issues. The culture hadn't changed.

Fantastic, fantastic news. A bookseller in charge, with a clear and admirable strategy. It's terrific, and as above, we can all get on with our jobs.

Terrific news - fingers crossed it all goes through OK. James Daunt is a proper bookseller, with the right ideas on stock, range, discounting, community etc. Let's hope he gives autonomy back to the stores. Publishers will be much more willing to back this new regime (or so I would hope).

Get on with our jobs? Some of us have been doing this throughout thanks very much.

Hopefully this will be good news, although we have that many branches not doing well I suspect we'll have some pain.

Looking forward to being able to get some range back in and hopefully a more stable promo structure.

Who is James Daunt btw?

Some of us have been trying to get on with our jobs, but the whole "Don't order ANYTHING" debacle kind of got in our way....

Good God... had things really got that bad? I left the chain in July last year... probably would've ignored them and ordered stuff in anyway!

At last indeed, good luck to Waterstones let's hope Daunt can make it work for you and well done Simon Fox £53mil seems a great deal.

Good to be taken private to give us a chance to survive, but I have a worry about Daunt - a bookseller he may be (so was Dominic), but I can't see anywhere in his past that he has experience managing a £500m turnover business with 4,000 staff...

The main point here for everyone involved is that there is a light of certainty at the end of the tunnel and that normal trading for booksellers, publishers and customers can resume. James Daunt's appointment has the stamp of being Tim W's man all over it, so may indicate a change of strategy, but the chain will still have to consider the overall market share decline in the High Street versus its space there(that's the real High St everyone, not gilded Marylebone). BTW, Dominic Myers may have come to the golden W from hmv, but he worked with James Heneage when Waterstone's and Ottakars merged, before which he was MD of Blackwells - hardly an hmv stooge.

http://en.wikipedia.org/wiki/Daunt_Books

Terrific news. James Daunt. Impressive. Best of luck all.

The plan must be to reduce the number of shops to be nearer six rather than the current number. Why else would Daunt be the right man? He has no idea how to run a large chain.

Finally, some good news for Waterstone's and good news for HMV.
Firstly, I hope Waterstone's can focus on books in a sustainable way for the future. Similar needs to happen for HMV.
This is not the end for either chain, but as of now, Waterstone's is looking a better bet.
Good luck booksellers!

Great news. Combination of big business and specialist knowledge can only be positive.

Speaking as a reader, I'm thrilled to bits. Hope it all goes well financially. Terrific news.

Hopefully some bold new plans unlike the current scheme of renaming plans to make them sound new. If I were still a bookseller I'd be happy Myers is out, he will be leaving as a failed MD with losses on his CV and he can also take his stupid Ask Dominic email with him. All he did all day is copy paste templates responses to staff worries. Maybe also they will get some regional managers with common sense and not just employ ones because of the physical size of their head.

1. Close some stores that have been at a loss for 3 yes running.
2. Let the bookseller order books for their section.
3. Dial down the ereaders/RP love. If we can't perfect bookselling, how can we move onto something else. And also sell the technology that will eventually close physical stores down? If you want stores open, don't try to convert them to only reading books off a screen.

Love

BRILLIANT! I was a bookseller for 7 years under the HMV regime- I saw the HUB come in, harmonisation, ideal rotas, the four quadrants (Guess what Gerry- quadrant means 4!), redundancies, get selling, discover, HHT's, totes, uniforms and all that jazz. Sometimes it was really depressing- especially for the wage and no chance of a pay rise...However, I made some fantastic friends and am still astounded by the iron will and determination that everyone shows at shop level. The Booksellers deserve some respect because they've not given up- they've shown HMV they were wrong all along. Good luck and best wishes to all my friends and ex-collegues, I am so happy for you.
Mr. Daunt- two things you need to do first:
1. Abolish the awful purple T-shirts!
2. Cap up the w!

Dear Nobody,
You also saw the business become profitable.

RE Bert:
I don't see any mention of profits in the above article. Do you mean profits or just less losses?

Hi Ex bookseller,
If you read the company accounts Waterstones made 2.5m profit last year and are expected to make 5-10m this, its easy to criticise HMV but they are not the only retailler struggling in very tough times.

Even though it was more profitable before I joined? I would say it is less-so now.

You would say! as a PLC you can just read their accounts

Daunt Books is a fantastic chain which works well because they have excellent, knowledgeable booksellers who are the best paid in the business and stores that carry a deep, interesting range. However, this works as a business model because all Daunt shops are based in rich, exclusive parts of London. It is a model that cannot be replicated on a national scale. I wish Waterstones well under it's new owners but I hope people aren't expecting a return to the golden age of the eighties. There aren't enough dedicated, serious readers in this country to support that in the age of shortened attention spans, greater competition for reading time, e-books and Amazon.

"It is a model that cannot be replicated on a national scale."

Nonetheless it can be replicated in more places than you think. There are plenty of Jaffé and Neale-type bookshops doing surprisingly well with premium stock. Waterstones has, up to now, left them to it. Maybe it won't any more.

Jaffe and Neale, that's is primarily a cafe selling some books.

spot on Darran ... the Daunt model works (for the moment) because of the exclusive locations. Recent research shows that for every 100 'heavy' book buyers, 70 browse in store to shop later on line. Has Mamut bought Amazon's catalogue? More roubles than sense ... James Daunt was right when he said 'there will be no more chain booksellers in 3 years time'. What's changed his tune? The fact that sainsburys wins 'Bookseller of the year' should tell us everything we need to know about the future for high st retail booksellers.
The future is digital, online and supermarket discounted. The End.

Great news, and a wonderful appointment. Yes, it's going to be a challenge but if anyone can put the vision back in, it has to be James Daunt. What a relief!

Well good news of a sort if only that the staff will get another month pay. But ultimately Waterstones is doomed unless it adjust its proposition:

1) You cannot sell books at RRP any more.
2) Nothing else matters.

In an age of total price transparency, and where I can get a top ten bit of fiction in Tesco, nevermind Amazon, they have to get the headline price down.

They don't- it just means that you won't be a customer and they will become more specialst which is where the book market is heading.

Spot on Adam 34

I like the promise of "undiluted Commitment to books and bookselling". Does this mean real books and therefore not e-books? I hope so, becuase I miss been able to browse without been pushed in sales, and e-books do not encourage this.

I think it has to be better than staying with HMV!

Good luck all.

Any idea if the godawful Hub is part of the purchase? Or can he ditch Unipart as part of the deal?

At last a reality check from Darran amidst the euphoria. If Waterstones is to survive and make a return on capital for its new owners it will still have to try to inhabit the discounting middle ground and somehow bring occasional as well as heavy book-buyers back on to the high street in real numbers while maintaining margin. A compelling and different approach to the internet and e-books is also a top priority. These are tall orders in a business context in which Amazon, Google, Apple and supermarket chains are several years ahead of the discredited old Waterstones 'they will come' model. A commitment to the physical book is not enough.

Spot on Ancient Mariner

Wolves to stay in the premiership.

Hope you're right Stuart!

You were right!