Reed Elsevier has put together a £200 million recompense plan for advertisers who fell foul of the irregularities in the Reed Travel Group’s circulation claims.
Detailed recompense programmes have been developed following an assessment involving independent accountants, legal experts and circulation auditors of the extent of the misstatements over the period 1991 to 1997, which came to light last September. Details of the programmes are now being put to advertisers.
Reed says that the cost of the exercise will have no effect on the terms of its proposed merger with Wolters Kluwer (subscribers see Reed Elsevier To Merge With Dutch Rival).
Reed has also concluded a reassessment of the market positioning, investment strategies and organisational structure of the Reed Travel Group. As a result the Hotel Directories group and the Travel Business Magazines group will be managed as part of Reed Elsevier Business Information in the USA while the Airline Guides group will be separately managed as part of Reed Business Information in the UK.
Reed Elsevier: 0171 227 5670
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