Business 5/50 magazine is being bought by its staff from parent company W&J Linney in a deal valued at £1m plus.
A new company, Business 5/50, has been formed by a management buyout team led by new managing director Neil Stokoe and editors Lee Stokes and Steve Wright.
The staff of 13 will be involved. All are being given two per cent of the new company and may subscribe for further shares. The previous outright owners, the printing group W&J Linney of Mansfield, Notts, are to take a 20 per cent stake in the company.
Staff have until 15 April to decide on their level of financial commitment to the company.
The company will remain based at W&J Linney, which will continue to print the magazine.
Until February 2002, Business 5/50 was published in eight editions and is currently published in three editions, North, Midlands and South. A Scottish edition has been closed.
Stokes said the magazine had been refined to focus on the marketplace involving companies with annual turnovers of £5m to £50m.
“In places like Germany this is a sector that is revered and yet in this country largely goes unreported. Stock Exchange companies and the smaller plcs are covered by the likes of the FT, but we believe there is a strong interest in this area.
“We want to bring our readers the national stories that appeal to all readers, without losing our regional focus,” he said.
By Andy Skinner