Momentum Corporate Finance

BRISTOL JOBS SAVED IN BBC PUBLISHING DEAL

West’s fast-growth MBO specialists secure fast-growth future for specialist magazine company

The West‘s fastest-growing MBO specialists have helped save jobs at the region‘s fastest growing magazine publishing company.

Bristol-based Momentum Corporate Finance has succeeded in helping the managers of Origin Publishing to secure a management buyout (MBO) from the BBC, in competition with the corporation‘s extensive tendering process to find a buyer for this non-core element of the BBC‘s business.

Origin Publishing was acquired by the BBC in 2004, when it employed 90 people in Bristol and published 10 magazine titles. Today, the business employs 166 staff and produces 30 magazine titles.

According to Andy Marshall, Managing Director of Origin Publishing: “If the BBC had sold our business to another publishing group, there would have been job losses. Our MBO deal has averted that danger.

“This is a crucial point for us, since we have invested in recruiting and developing young talent”, said Mr Marshall.

Founding partner of Momentum Corporate Finance, Tony Kenny, said: “Like all the other MBO initiatives we have accepted, we have total confidence in Origin‘s management team, so we are investing our own money in backing their future plans”.

Those plans include entry into new markets, with three new magazine titles scheduled in the coming year.

The company is based in Bristol‘s Tower House, where it has been successful in attracting magazine journalists and specialist staff.

“Bristol has become a national centre of excellence for magazine publishing, so we have been able to recruit skilled people locally, as well as attracting key staff from London”, said Origin‘s Andy Marshall.

Under the MBO deal, Origin will continue to provide management services to the BBC, with Origin‘s Andy Marshall acting as Managing Director of the new BBC company, Bristol Magazines Limited, formed to oversee production of the BBC titles which will not be transferred to Origin Publishing.

“This formula has been agreed to ensure continuity for the BBC publications that will no longer be published by Origin”, Mr Marshall explained.

END 3rd May 2006

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email Neil@sturgessvandamme.co.uk

Photo caption: left to right, Graham Rose of Origin Publishing, Tony Kenny of Momentum Corporate Finance, Andy Marshall of Origin and Rob Crews of Momentum .