Timothy Melgund

Yeah, they do.

And actually, rather strangely, we did a little bit of research.

In the end, to some extent, you buy the one that you dislike the least.

In Paperchase?

In Paperchase.

You buy the one that you dislike the least.

Because you have such a fantastic range.

There's no point going anywhere else because you know that there's something here for you.

I did.

I mean, they'd invested in the business before then, a minority stake.

And as our business grew with them and they put us into more and more of their stores around the world in concessions, it was perfectly obvious that they were going to be the obvious exit route for our then private equity partners.

And so did you have your concessions in border stores?

So we started those in – well, as soon as they came into the UK, we opened with them.

But we also started in the States in 1999.

And that worked out well?

Yeah, it worked out very well.

Because six years after buying Paper Chase outright –

Borders, it eventually went bankrupt.

It did.

And we were worried because we were doing so much business within their bookstores.