Waterstones Buys Foyles

UK bookstore chain Waterstones has acquired Foyles, a family-owned chain of seven bookshops first established 115 years ago. The acquisition is expected to be final by the end of 2018; terms were not disclosed. Waterstones’ head James Daunt said, “Together, we will be stronger and better positioned to protection and champion the pleasures of real bookshops in the face of Amazon’s siren call.” Christopher Foyle said, “My family and I are delighted that Foyles is entering a new chapter, one which secures the brand’s future and protects its personality. I look forward to witnessing the exciting times ahead for the company founded by my grandfather and his brother 115 years ago.” Foyles has three shops in London, and others in Bristol, Birmingham, and Chelmsford. Foyles’s CEO Paul Currie and finance director John Browne will leave the company once the sale is final.

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