HIT's Talks with Gullane Off
by Amanda-Jane Doran -- Publishers Weekly, 6/17/2002
Only five days after HIT International made an approach to buy Gullane for £157 million (News, June 3), problems have emerged with Gullane's U.S. operations. Gullane has issued a profit warning and confirmed that as a result of disappointing sales of Guinness World Records in the U.S., profits and growth are likely to be flat. Revenues in fiscal 2001 were £35.3 million.
Several other companies are believed to be interested in buying Gullane. Carlton Communications and the Walt Disney Corp. were potential bidders for Thomas the Tank Engine's parent company two years ago, and in view of the big following Thomas has in Japan and the U.S. this interest could well be renewed. Carlton has reportedly already held preliminary talks with Gullane.
