Beano backs Waterstone £62m deal

RETAIL entrepreneur Tim Waterstone, founder of the bookshop chain, has bought Early Learning Centre for about £62m. Waterstone purchased the 200-store chain, which has an annual turnover of £170m, through his bid vehicle Eagle Retail Investments.

The company is backed by Beano publisher DC Thomson and private equity firm Rhone Capital.

Eagle, under chief executive and ex-Ocado managing director Nigel Robertson, is also buying Daisy & Tom, the children's toy and clothing chain founded in 1996 by Waterstone, for an undisclosed sum.

Daisy & Tom has only five stores and turns over about £15m. It is understood that Waterstone plans to sell both brands through the two chains.

Early Learning Centre is owned by venture capitalists Barclays Private Equity and 3i and the sale is likely to reap a multimillion pound windfall for the management team, led by managing director Mike France.

The board is understood to own close to 50% of the business.