Thu, 29 Jul 2010 | MBO/MBI
Magazine printers Pensord has recently been purchased in a management buyout deal of an undisclosed value.
The South Wales firm has a new management team to replace outgoing chief executive Tony Jones and finance director Graham Lambert. Darren Coxon is to become the new managing director.
Pensord has 143 people on its team and over 380 mainly controlled-circulation magazine titles in its ownership.
It was set up in Britain in 1969 by the Billboard Company of America in order to produce the weekly magazine Record Retailer, now known as Music Week.
Of the decision to leave Tony Jones said: “When I led my own management buyout in 2003 I felt it was the best route to turning an under-performing company around, and I now feel as a team we’ve achieved that objective, the job is done.”
Pensord Press Limited recorded a turnover of £10.8 million for the year to 31 December 2009, down from £11.63 million for the same period in 2008. Its pre-tax profit for 2009 stood at £303,000 down from £442,000 on the same period for the previous year.
Pensord offers its services to weekly and periodical publishers, as well as commercial publishers.
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