Wed, 13 Jun 2012 | BUSINESS SALE
Art and cookery book publisher Phaidon Press has drafted in investment bank Greenhill to search for a buyer.
Richard Schlagman has owned the business since 1990 when he bought it after seeing it advertised in the Financial Times. He has now placed it on the market so that a new owner can lead it from print to digital books readable on devices including Kindles and iPads.
The firm recorded sales of £25 million for the year to June 2011, representing a 17 per cent increase. It also made a pre-tax profit of £411,000 for the same period following a pre-tax loss of £149,000 for the previous year.
It is understood that Greenhill has started to send out information packs about the business to potential buyers.
Mr Schlagman anticipates that the art book publisher will attract the likes of larger publishing houses, art-focused businesses and technology firms wanting to use its image library.
Since 2009 Phaidon Press, which was established in Vienna in 1923 before moving to London in the 1930s, has diversified its offering to add children’s books and cookery books along side its art titles. It has also succeeded in expanding its presence with offices in New York and Paris and sales to 100 countries.
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