But despite that, the founder of Waterstone’s has confirmed he was trying to buy the book chain back for £280m – but only if owner HMV drops its interest in rival Ottakar’s.
Waterstone, who has joined forces with private equity backer Anthony Forbes Watson for the purposes of the buyout, said in a statement, “This is a very fully priced offer for a business which faces major challenges to recapture the market share and operating margin that have been lost.”
But take Waterstone’s claims with a grain of salt, as one publishing insider did. “I would liken this whole charade to an individual loudly proclaiming that they are going to bid five thousand pounds for a lot at auction when there are known to be several higher bids already made. Such is the need for press publicity from some who sold the booktrade down the river over Net Book Agreement.”
Then again, there may be some faint hope for the book chain as it stands, if their new survey of 30 writers picking neglected books is to be believed. The Guardian’s Culture Vulture Blog is heartened, calling the company’s recognition that there’s money to be made from the backlist “a welcome volte face.”