Shock and mixed reactions as trade absorbs Foyles news

Publishers, agents and other booksellers have expressed widespread shock at the news on Friday (7th September) that Waterstones has bought Foyles. Many expressed concerns that Foyles might lose its own special identity in the buy-out, leading to less variety on the high street; but others speaking to The Bookseller were confident that Foyles had found itself the "best possible" new home.

Those sounding a warning note included agent Lucy Luck of C+W, who noted:”This is a surprise and I hope Foyles will be able to keep its identity and autonomy within the Waterstones family since it offers something distinct, in particular far more range, and that’s important for the publishing landscape. It feels a bit feast or famine out there at the moment and that’s a worry." Alma publisher Alessandro Gallenzi made a similar point: “I’m shocked," he said. "Foyles has always been a champion of literature and diversity, and I hope that its new owners will not abandon the century-old values of one of the finest booksellers this country has ever seen."

Karen Sullivan, publisher of Orenda Books, said: “Waterstones and Foyles both have their strengths and they are very different bookshops, with the latter tending towards more eclectic buys, which is, perhaps, more beneficial for independents. We find it much harder to gain prime position in Waterstones." She added: "It’s obviously positive not to lose Foyles altogether, as the Foyles family is no longer in a position to run it. But the word ‘monopoly’ springs to mind, and no one benefits from that. I love the idea of joining forces to offer proper competition to Amazon, but readers need and want choice, and if that is limited by a single-retailer-dominated industry, fewer books and publishers will succeed.”

Profile m.d. Andrew Franklin, was more sanguine. “Takeovers are always a shame but Foyles will be going to a good home," he said. "I think the team at Waterstones is very good, and that they'll do well to keep a separate identity like with Hatchards and Hodges Figgis in Ireland. They're very serious about being proper bookshops, and they're not going to suddenly introduce the terrible things that have killed other shops like BOGOFs and things like that. It's the best possible home for them."

Franklin said he was "not alarmed" that the buy would add to pressure on terms, saying: "Waterstones is not in the business to squeeze publishers."

Pan Macmillan publisher Jeremy Trevathan commented:"While it's upsetting news for staff, publishers and customers about the demise of Foyles, which has become such a great chain in recent years, I can't think of a better outcome than Waterstones picking it up. Their bookselling ethos is not dissimilar and so I hope it will be good news ultimately." Rob Waddington, group sales director at Penguin Random House, added: "Foyles have remained a consistent and supportive bookselling partner of Penguin Random House over many years. We are delighted to see their distinct and trusted name continue under the stewardship of James Daunt and all of the Waterstones team."  

From Hachette UK c.e.o. David Shelley came another positive response: "At Hachette, we are huge admirers of Foyles:  their support for great writing, their flair for selling books, their knowledgeable and dedicated staff and their brilliant shops which are landmarks, particularly in London, and so we are delighted that they have found a home with a company that shares all these characteristics."

Among independent booksellers, Ros de la Hey of the Mainstreet Trading Company opined: “It’s quite something. My gut instinct is, clever them. In some specific indie cases there might be a question mark, worrying about an even bigger player. But it's good for the high street, it shows positive strength.” But Jason Burley of Burley Fisher and Camden Lock Books warned: “The vast majority of the large bookshops in this country are now under the control of James Daunt, which is slightly worrying. It’s concerning and it’s not a good thing for choice. Indies bring a different choice of stock and a variety in the way they choose their staff – they are eccentric and quirky. I would include Foyles in that but I wouldn’t include Waterstones.”

David Headley of Goldsboro Books took the most emphatic line, saying: "I am completely shocked. Foyles is an iconic, dynamic bookseller. My immediate fear is that it will lose its identity if it is being swallowed up and being run like Waterstones."

At the Booksellers Association, m.d. Meryl Halls said: “The BA was as surprised as the rest of the industry to hear the news about Waterstones’ purchase of Foyles this morning. While it’s of course sad that this unique bastion of independent bookselling will no longer be in family ownership, we’re delighted that the much-loved Foyles brand will continue to exist under the deeply experienced wing of James Daunt, and that Waterstones has demonstrated its confidence in high street bookselling by making this historic purchase.

“The Foyles and Waterstones teams are made up of passionate and committed booksellers, and we are sure both companies will benefit from the exchange of ideas and styles that will arise from the sale. We wish both teams well.”

Lizzy Kremer of David Higham Associates, currently president of the Association of Authors Agents, said: "Given that some very big and powerful companies dominate the UK books business, it is logical for other businesses to join together to shore up their profitability and influence in the market. I hope that these two well-loved booksellers find renewed strength and creative energy together. When big companies get bigger, it also leaves the door open for independent businesses to prove the potential benefits of risk-taking and difference and I hope that all independent booksellers see opportunities in offering the market something individualised and original." 

She added: "As an agent, my concern in a books industry dominated by big companies is that - as well as needing a healthy and profitable bookselling and publishing business - we also need to ensure that authors’ economic needs are met. Authors can’t club together into bigger more powerful entities to protect their profitability in the way other parts of the business are. It clarifies the reality that one of our roles as agents is to continue to use the strength of our client lists to protect and promote every individual author’s income in a market shaped by more powerful entities."

Curtis Brown agent Gordon Wise said: "I suppose if you're looking at the downsides, it's been fantastic how Foyles has built this particular identity and a sense of scale without it all getting out of hand. But clearly strategic alliances in the physical space could really help. We're shoring up the physical presence of bookshops. 

"It would be an enormous shame if Foyles lost its particular feel. There was something about their combination of scale but keeping it quite tight meant they were able to do quite innovative things and be quite effective with them. I think they were doing some interesting things with their online offering and that mix they had of mixing the more scholarly titles with commercial. That was a really interesting thing and of course they got travel out there. I guess we just need to hear an awful lot more."