Quantum Publishing, which owns titles including Press Gazette and Media Week, has announced that its management is to buy out the P&O shipping company, which owns 80% of the group. The company is also to change its name to Quantum Business Media to reflect a shift in focus from publisher towards business to business player.
The buy-out, believed to be worth £20.5m, will mean the company is now 47.1% owned by management and 51.4% by venture capitalist ABN AMRO. It is led by co-founders Richard Flaye and John Bednall and finance director Keith Issac.
Richard Flaye, CEO, commented on the news: “The MBO is great news for Quantum and all its people. ABN shares our vision of becoming a leading B2B player, particularly regarding e-commerce. Some 37 people in Quantum now have a stake in our business, [representing] 17% of the staff.”
Quantum Publishing: 020 8565 4200
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