Dennis: enjoyed success in US
Felix Dennis, founder and chairman of Dennis Publishing, has promised to plough millions of pounds back into the UK business for magazine launches in the next two years.
Dennis told Press Gazette he had been focusing on the US and ignoring the British business for far too long. He now plans to bring the money back in "bucket loads".
"Dennis Publishing in the UK has done very well for five years while I have robbed it of every penny it made," he said. "Managing director Alistair Ramsey has been incredibly patient while I have robbed him of millions and millions of pounds and sent it over to America, but that ends in 2003 and 2004. The money that Dennis Publishing US owes Dennis Publishing UK will be coming back in bucket loads." Dennis has made a huge impact in the US with the launch of Stuff, The Week, Blender and the market-leading, 2.5 million-selling Maxim.
"Alistair is going to have to decide what he is going to do with the money. I have a veto and I could say, ‘I’m not doing that’, but you can’t run a company on a veto. It is going to be fascinating for me reading all the plans."
He said there would be launches and acquisitions from Dennis Publishing UK over the next two years "as sure as eggs is eggs".
He added: "I know everyone at Dennis is rolling up their sleeves. They haven’t gone around moaning or whining and now it’s their turn."
Dennis, the 56th richest man in Britain according to The Sunday Times Rich List, has just published a book of poetry, A Glass Half Full.
By Ruth Addicott