University of London, who were looking to form a partnership to open a bookshop alongside a chemist and a newsagent in a block the university had acquired after the war on Torrington Place, Gower Street and Malet Street. The block had been designed by architect Charles Fitzroy Doll and built in 1908 as a residential building with shops on the ground floor. Although the initial proposal for a partnership fell through, in 1956 Dillon was again approached by the university, and agreed to use her stock and goodwill from Store Street to purchase a minority stake in a bookshop on the new site, on the understanding that the new shop would bear her name. The university contributed £11,000 in capital that it had obtained as an insurance payment for the death in a building accident of a workman who had no relatives. When it opened in 1956, Dillon's University Bookshop only occupied the small part of the building at 1 Malet St, and in its first year saw turnover of £30,000. Una Dillon retired as managing director of the business in 1967 – by which time the shop occupied the entire building and had an annual turnover of over £1m – but she remained as a board member until 1977. Her place as Managing Director was taken by Peter Stockham. then followed a period when Dillons was controlled by the unions (Actss). Then in 1977, Grant Paton, from Glasgow, was appointed Managing Director by the then owners, University of London. It was taken over shortly afterwards by Pentos. Expansion under Pentos Back in private hands by the mid-1980s, the store undertook a major makeover and modernisation, announcing its relaunch with the advertising poster "Foyled again? Try Dillons" displayed prominently on the bus shelter opposite its London rival Foyles. Inspired by the success of Waterstones, demonstrating the potential for large modern bookshops with a depth of stock, the new owners Pentos rapidly rolled out the format across the country, ultimately building up a chain of 75 stores. In 1990 Dillons bought Hatchards, based in Piccadilly and the oldest bookshop in the UK. However, having overreached itself financially, Dillons was acquired by Thorn EMI, which already held the HMV chain, for £36 million. HMV acquired the larger Waterstones chain in 1998, and the following year the Dillons brand ceased to exist as a separate entity when the branches were rebranded as Waterstones.