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Bookshop chain Waterstones sold to Elliott Advisors

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Book chain Waterstones, has been bought by activist investment firm Elliott Advisors for an undisclosed amount. James Daunt, the chain's chief executive since 2011, will remain in the post under the new ownership, along with his key management team.Mr Daunt said the sale was a "very happy outcome for Waterstones".Waterstones has 283 bookshops and 3,000 staff in the UK, Ireland, the Netherlands and Belgium, and sales of more than
Hedge fund Elliott has about ?35bn of funds under management worldwide. Its investments include Dell Software, Game Digital and ASG Technologies. Mr Daunt said: "I thank Lynwood Investments for their invaluable support through this turnaround, and we enter new ownership looking forward with great optimism to the next chapter in the development of Waterstones".Lynwood boss, Marina Groenberg, said she was "very proud that the business has been restored to profitability and good health during our ownership and thank James Daunt and the wider management team for delivering a successful turnaround".
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