Funding blow for Waterstone's founder
02/05/2006 - 08:08:43Plans by the founder of Waterstone’s to buy the book store chain back for £280m (€406.1m) looked to be hit by a funding crisis today.
The potential blow emerged after HMV, which owns the Waterstone’s business, said it had been informed that Lazard Private Equity Partners had withdrawn its support for a takeover attempt of the chain by Tim Waterstone.
Mr Waterstone set up the book chain that bears his name in 1982 and last month revealed that he would install himself as chairman if he secured control, with former Penguin UK boss Anthony Forbes Watson taking the role of chief executive.
A spokesman for the Waterstone’s bid team declined to comment today.
