Waterstones buys Foyles
British bookshop chain Waterstones has acquired independent bookselling chain Foyles, reports the Bookseller.
Foyles has been a family-run business for 115 years, and currently operates four shops in London, and shops in Birmingham, Bristol and Chelmsford.
Waterstones managing director James Daunt said that Foyles had approached Waterstones about acquiring the company. He said he will not appoint a new managing director for Foyles, and the individual bookshops will continue to manage themselves.
Foyles said in a statement: ‘We have been determined to ensure that the buyer would both preserve and invest in the business. James Daunt … has assured us of his desire to maintain and celebrate the Foyles name and our distinct bookselling identity. Whilst the decision to sell has been a hard one, we are confident that Waterstones will nurture and protect Foyles for the good of the business, its staff and its customers.’
The terms of the sale were not disclosed, and the sale is expected to be finalised by the end of this year.
Daunt said: ‘We are honoured to be entrusted with the Foyles business, and greatly look forward to joining forces with the Foyles bookselling team. Together, we will be stronger and better positioned to protect and champion the pleasures of real bookshops in the face of Amazon’s siren call.’
As previously reported, Waterstones was sold to hedge fund Elliott Advisors in April this year.
Category: International news