TIM Waterstone may be poised to buy back the bookshop chain that bears his name after he and his business partners entered into exclusive talks with its owner, HMV Group.
Waterstone, 71, has teamed up with Russian millionaire Alexander Mamut in a a bid to seize control of the debt-laden chain.
HMV Group issued a profit warning earlier this month, advising that profits would fall below market expectations of £45m and it could breach the terms of its bank loans.
HMV Group last week admitted it was considering the sale of Waterstone’s and HMV Canada, its Canadian music chain. The sale of Waterstone’s could net up to £75m.
HMV also said that no discussions are taking place with respect to an offer for the whole group.
Waterstone, who has run a book chain with Mamut in Russia, has frequently been linked to possible bids and also tried to buy the chain back in 2006.
HMV shares closed 4.48 per cent higher on Friday at 17.50p after the company confirmed sales talks.