Just got this email from Damian Butt, MD of Imagine
Hi Rob
Just saw your blog (great name by the way).
To clear up the latest news on Imagine Publishing, we have acquired 24 titles in Bournemouth, which is the entire Highbury Entertainment portfolio. We haven’t bought the company, that’s gone into receivership, but we have bought the titles and the right to publish them. The titles include all the computing titles you mentioned, and also the videogames ones, but of course not Hotdog or Front, which are based in London.
We are now trying to create as many new jobs for the existing employees as we can
Thanks
Damian Butt
Managing Director
So that’s that mystery solved. Without Hotdog and Front in the mix, that’ll leave Imagine far more money to invest in the titles it’s just bought, which clears up that worry.
It’s good to know that Imagine are doing their best to save as many jobs as possible: if you recall, Highbury employees in Bournemouth voted almost unanimously for NUJ recognition recently, they were treated so badly. My hopes are that Imagine proves a better employer for them than Highbury. Since many are being re-interviewed for their jobs, I’m keeping my fingers crossed for them.
Hi Rob,
Damian Butt’s post must be some reassurance to the Highbury staff who have experienced a torrid time over the last few months.
I have journo friends on the Front/Hotdog side who are still anxiouslly awaiting details of the sale progression of their titles with a buyer this weekend – as am I.
However, spare a thought for the creditors of Highbury like my company, Expansive Media, who are owed ��45k and have been kept in the dark about the entire sales process.
We have spent 18 months building an exciting, profitable business only to have been caught up in the Highbury sideshow.
The executives at Highbury and Ernst & Young will be asked some tough questions about the strategy behind the sales process of these brands.
I wish Imagine and the remaining mag staff the very best of luck with the titles in their new home.
Martin Mason
Managing Director
Expansive Media Ltd
Actually, Highbury owes me a sizeable sum of money, too, so we’re in the same boat! I hope we both (and anyone else whom Highbury owes money to) share in the good luck if it’s forthcoming.
I’m afraid luck won’t help us. Ernst & Young confirmed that the PLC and divisonal Ltd companies are all in receivership. The Mag sales will go no way towards covering the mountain of debt that exists so its unlikley to expect anything from the receivership. We were in the process of winding the divisions up last week but were negotiated out of soing so by the Highbury Executives and Ernst & Young. We are now seeking legal advice in an to attempt to examine the strategy of the sale process. I have an update on the position of the remaining magazine sales. Please contact me on my direct email if you wish to discuss further.