• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Lifestyle

Waterstones founder says he feels “no guilt” over closure of independent bookshops

Sir Tim Waterstone said the smaller rivals “had a shot”.

Jack Peat by Jack Peat
August 4, 2019
in Lifestyle

The founder of Waterstones has said he feels no guilt over the closure of independent bookshops after his chain’s aggressive expansion.

Sir Tim Waterstone, who founded the bookseller in 1982, told the BBC’s Desert Island Discs that the smaller rivals “had a shot”.

“I didn’t feel guilty,” he said. “I’d just have to say no, they had a shot.

“You know the sort of things people used to say to me about me personally – that I was personally responsible for closing down far too many independent bookshops – but the truth is Waterstones, when it started, was the smallest independent bookseller you could possibly imagine: £6,000 from me and a lot of debt. I mean, we had nothing.

“But what we did have was self-confidence and a very clear offer, and wonderful staff and a wonderful business model. And we weren’t sympathetic, quite honestly.”

Sir Tim, who no longer has a stake or role in the business, added that Waterstones had initially gained success in part due to late opening hours, even opening on Sundays when the practice was still illegal.

He also revealed that the sale of the business to WH Smith in 1993 was “painful”.

RelatedPosts

Lucky Numbers and Horoscopes for today, 27 February 2021

Weather forecast, alerts and UVB index for London, Saturday 27 February 2021

Lucky Numbers and Horoscopes for today, 26 February 2021

Weather forecast, alerts and UVB index for London, Friday 26 February 2021

“On the other hand, I told myself not to feel like that. I was in my young 50s and I thought, ‘To hell with it, there’s other things I can do with my life’. It’s been great.

“And I was convinced by the Smiths letter, which they did absolutely honour, about the staggering amount of investment they would put into it. It felt the right thing to do.”

In 1997 Waterstones was sold again to HMV Media, which was chaired by Sir Tim. He stepped down in 2001.

The chain was acquired by Russian businessman Alexander Mamut in 2011, in a move which probably saved it from collapse.

Last year Elliott Advisors took a majority stake in Waterstones, leaving Mr Mamut with a minority holding. In June this year, the hedge fund also acquired the US’s biggest bookstore chain, Barnes & Noble.

Both chains are to be headed by James Daunt, the founder of Daunt Books and current chief executive of Waterstones.

Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

Lucky Numbers and Horoscopes for today, 27 February 2021

Image by AdobeStock

Weather forecast, alerts and UVB index for London, Saturday 27 February 2021

Euro Millions results Friday 26th February 2021

thunder ball results

Thunder Ball Results, Friday 26th February 2021

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.