Waterstones bookshop chain sold to New York hedge fund

British book retailer Waterstones has been bought by US hedge fund Elliot Advisers.

The deal, which is expected to be completed in May, will allow Waterstones CEO James Daunt to remain as head of the company.

Daunt said: “This is a very happy outcome for Waterstones. Our booksellers can be immensely proud to have proved through good, old-fashioned bookselling, the enduring appeal and worth of real bookshops.

“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”.

Elliott's European chief Paul Best said: “As the leading physical book retailer in the UK, Waterstones is a mainstay of UK high streets and has a huge and loyal customer base. We look forward to supporting James Daunt and his entire team over the long-term as they continue to build and grow the business”.