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Management Buyout of Reed Illustrated Books
Jean Richardson -- 8/31/98
Reed Elsevier has finally shed the last imprints of its trade list with the sale of its illustrated books division to a management buyout team backed by Kleinwort Benson Development Capital for around L33 million (about $54 million).
The new company, which has revived the name of the Octopus Publishing Group, comprises the imprints Bounty, Brimax, Conran Octopus, Hamlyn Octopus, Mitchell Beazley and Philips. In 1997, these imprints had a turnover of L45 million, 240 employees, 2000 titles and 500 authors. The buyout team is headed by Derek Freeman, former executive director of Reed Consumer Books, who becomes the chief executive officer; Laura Bamford, former publisher and managing director of Hamlyn and Bounty, who becomes operations director; and Helen Barlow, former U.K. finance director of Reed, who becomes the finance director.

Freeman said he intends to build on the strength of the brands -- whose best-known titles include Miller's Antiques Price Guide, Hugh Johnson's Pocket Wine Guide, The Essential Garden Book, Philips Ordnance Survey Maps and The Joy of Sex -- that have a number of high-quality innovative titles in the pipeline.
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