Decision imminent on sale of Lloyd's List
Wednesday 30 August 1995
He said a "hurdle price" would be set below which Lloyd's of London would not be prepared to sell. "We are not going to sell at just any price," Mr Middleton said.
But he stressed that a final decision about the fate of Lloyd's of London Press had not yet been reached. "We have to see whether the market's interests are best served by keeping it or selling it," he said.
Mr Middleton would not speculate on how much a sale might raise. But analysts said pounds 75m would be a likely target price - roughly twice 1995 anticipated revenues.
Commenting on press speculation that he might stay on as chairman of LLP following a sale, Mr Middleton said the rumours were "inaccurate".
"David Rowland [Lloyd's chairman] and I have stated that we are not going to leave until we have done all that we have set out to do; and we will leave in an orderly fashion." He added that this was unlikely to be before 1997.
LLP, which includes the venerable Lloyd's List and another 30 specialist magazine titles, was a money-loser as recently as 1992. Following cost- cutting and the introduction of a new bonus scheme, pre-tax profits rose to pounds 4m in 1994 and are on course for about pounds 6m this year, Mr Middleton said.
Some efforts have been made to expand the electronic publishing activities, where there is scope for further growth. The strength of the Lloyd's List brand name is likely to attract offers from several publishers. Mr Middleton said several unsolicited expressions of interest had been received.
Reed Elsevier, the Anglo-Dutch media giant that is selling most of its consumer publishing interests, is a much- rumoured candidate to buy the LLP assets. A Reed spokesman declined to comment. He confirmed, however, that the company had received 25 offers for the company's Dutch newspaper interests.
The UK regional newspapers have also attracted considerable attention, the spokesman said. A sales memorandum will be sent out in the next week or so.
- 1 Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Sean Hannity reacts to Russell Brand's Israel-Gaza criticism: 'You're a dumb actor known for your failed marriage to Katy Perry'
Lost portraits of the Somme: 100 images of Tommies posing before they went over the top. Now can you help to identify them?
Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
Pope Francis issues top 10 tips for happiness
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Ashley Cole tweets unsettling meme of him stalking ex-wife Cheryl Cole and new husband Jean-Bernard Fernandez-Versini
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...