Waterstone buys Early Learning toy chain
Tim Waterstone, the entrepreneur who founded the bookstore chain, has bought children’s toys chain Early Learning Centre for £62m (€94.4m), it was reported today.
The acquisition was made through Mr Waterstone’s company Eagle Retail Investment, and he is understood to be planning to merge it with his Daisy & Tom children’s stores.
Venture capitalist group 3i had previously owned Early Learning, which has around 200 stores, after backing a £20m (€30.5m) management buyout in September 2001.
Mr Waterstone’s acquisition is understood to have been backed by Beano-owner DC Thompson and private equity firm Rhone Capital.
No-one from Eagle Retail Investment or Early Learning was available to comment, but it is understood that Early Learning’s chief executive Mike France will stay on as a consultant to the business and become an executive director of the enlarged group.
It was also reported that Nigel Robertson, who recently left online grocer Ocado, will take over as chief executive.
Mr Waterstone is understood to want to give Early Learning a more education focus with more books in the groups’ stores. He estimates the group combined with Daisy & Tom will have annual sales of around £200m (€304.7m).
Mr Waterstone failed in an attempt to buy Hamleys last year when he was out bid by Icelandic retailer Baugur, which offered £59m (€89.9m) for the group.
Last year Early Learning’s holding company, Early Learning Holdings, made profits of £3m (€4.6m) on sales of £174m (€265.1m).
