icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Waterstone’s sold to Mamut fund for £53 million

Waterstone’s sold to Mamut fund for £53 million
British book retail chain, Waterstone’s, has been sold by HMV Group to A&NN Capital Fund Management, controlled by Russian magnate Alexander Mamut, for £53 million.

The announcement comes after the HMV Group put Waterstone’s up for sale in March amidst concerns about its debt situation.Simon Fox, the chief executive of HMV Group said the sale would enable HMV Group to refocus."We expect this deal to enable the group to achieve a reduction in the group's borrowing requirements, and, in turn, focus on plans for transforming the HMV Group into a broad-based entertainment business,"Mamut, who is also a 6.7% stakeholder in HMV Group and also owns the LiveJournal social networking site has purchased Waterstone’s for cash,  with a payment of £40 million when  the deal is expected to be completed in June, and a further £13 million in October.In a statement released to the media, Alexander Mamut said he was pleased to take ownership of the book chain, and was looking to develop it further.“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 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.”

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts