The company was set up a few weeks ago by a former HK senior executive, Rooney Ligari, who was the managing director of a successful subsidiary, Ashburn Sellers.
Mr Ligari, who retains a 10 per cent stake in Ashburn as well as a substantial shareholding in HK, left last autumn because he felt that he 'wasn't being given the opportunity to expand my company'.
HK obtained a six-month High Court injunction preventing him from setting up as a competitor. But the injunction expired on 31 March.
Six senior editorial staff from HK responded to Mr Ligari's job advertisements, including Andrew Maiden, the head of business publications, and its picture editor, Nick Rose. Until last Tuesday they were working out their notice, but were then told to clear their desks and leave the building.
HK has also lost the contract to publish the Egon Ronay Magazine for the British Airports Authority. Although this is a big contract, it is not, according to HK, the company's largest single contract, as stated in last week's Independent on Sunday.Reuse content