Mamut completes Waterstone's deal

£40m has been paid initially with the remaining £13m to be paid on 31 October.

Waterstone’s will be led by new managing director James Daunt, founder of upmarket London book chain Daunt Books. Daunt is planning a comprehensive review of the business.

Mamut today said: “We are delighted to have received shareholder approval from HMV which has allowed us to complete the acquisition of Waterstone’s and its unique brand.

“Waterstone’s enjoys an excellent bookselling heritage which we will seek to develop in repositioning the business towards an approach which is progressively tailored to the particular demands of local communities.”

Daunt said: “Our central aim will be to work with Waterstone’s booksellers to develop the bookshops as engaging places that reflect the distinct tastes of their customers. I am thrilled that the acquisition has been finalised and look forward to getting to work on this important project.”