The founder of Waterstones has said he feels no guilt over the aggressive expansion of his chain which led to the closure of nearly 500 independent bookshops in the UK.
Tim Waterstone, who founded the bookseller in 1982, told the BBC’s Desert Island Discs on Sunday that the competition simply wasn’t up to scratch. “I didn’t feel guilty,” he says. “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 ... I mean, we had nothing.”
Waterstone, who opened his first bookshop in Old Brompton Road, London, no longer has a stake or role in the business, but adds that it initially gained success in part due to its late opening hours and opening on Sundays. “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.”
He reveals that the sale of the business to WH Smith in 1993 for £47m was painful at first. “I was convinced by the Smith’s 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 1998, Waterstones was sold to HMV Media for £300m, which was chaired by Waterstone until he stepped down in 2001. The business was then acquired by Russian businessman Alexander Mamut in 2011 for £53m.
Last year, Elliott Advisors took a majority stake, leaving Mamut with a minority holding. This June, the hedge fund also acquired America’s biggest bookstore chain, Barnes & Noble. Both chains are led by James Daunt, the founder of Daunt Books and current chief executive of Waterstones.
