Waterstones has acquired Foyles bookshops from the founding family for an undisclosed sum.
Waterstones has acquired Foyles’ Charing Cross Road flagship in London and its six other branches, The Bookseller reports.
Waterstones managing director James Daunt told the publication: “We are honoured to be entrusted with the Foyles business, and greatly look forward to joining forces with the Foyles bookselling team.
“Together, we will be stronger and better positioned to protect and champion the pleasures of real bookshops in the face of Amazon’s siren call.
“It is an exciting and invigorating time in bookselling as good bookshops are rediscovering their purpose in the fight back against online and e-reading.
“At Waterstones, we see our future as responsible stewards of shops that strive to serve their customers each according to their own distinct personality.
“This is nowhere more important than with those shops – Hatchards, Hodges Figgis and now Foyles – that have such singular heritages.”
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.”
The deal is expected to be completed before the end of the year. The price has not been disclosed.
Foyles generated sales of £26.6m in 2017, when it lost £89,000. Waterstones’ annual sales are £388m, on which it made a profit of £18m.
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