Waterstones chief executive James Daunt has welcomed changes to business rates revealed in last week’s Budget.
The bookseller told Radio 4’s Today Programme that he believes the shifts – which were not welcomed by some retailers, especially those with the biggest shops – will help high streets thrive because rates will be lower for retailers operating from smaller premises while bigger properties such as warehouses will pay more.
Daunt said that the new system shoudld “help neighbours” such as independent retailers in the town centres where Waterstones trades, resulting in more “vigorous high streets”.
He admitted that he might be “the only person who is sympathetic” to the situation that chancellor Rachel Reeves is in as she attempts to balance competing interests and priorities.
Daunt, who also runs US bookseller Barnes & Noble – both are ownd by Elliot Advisers – also addressed specualtion about a potential IPO in London or New York.
He said: “It feels like an inevitability and probably better than being flipped to the next private equity person.”
However, he observed that the London market has been “suffering” from an IPO perspective, so there are questions about its suitability.
“We’re based out of London but we have a huge American business, Barnes and Noble is much larger than Waterstones,” Daunt said.
He also revealed that Waterstones would be prepared to sell books created through AI, as long as they were clearly labelled as such and customers wanted them.
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