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.”