Jack: “we’ll give readers more”
James Brown has hit back at reports that a takeover of I Feel Good could lead to his departure and said he intends to stay at Jack magazine for the long term.
His comments coincide with the announcement of fresh investment in Jack and and a new look, which will be unveiled this summer.
I Feel Good was approached about a possible takeover two weeks ago. Felix Dennis, who already owns 10 per cent, is believed to be one potential bidder hoping to take the company into private ownership.
Brown said: “We are not in the process of getting swallowed up by a big conglomerate. We are a small company up against the big boys and in that respect we are doing very well. One of IFG’s strengths is its independence but that’s also one of the things that makes us vulnerable.”
He said he had no intention of going. “I’ve spent ages putting the bloody project together. I’ve got a great team, Jack has attracted a great deal of attention and we’re doing really well on the ads. IFG is a success and that’s why somebody wants to pick us up while our value is a bit cheaper than it should be.
“We are about to invest a load more money into it. In research people say they read all of it so we’ll be giving them some more,” said Brown.
Although analysts say Jack must sell 50,000 to 70,000 a month to break even – IFG’s original target was 45,000 – Brown said: “We are only a couple of hundred thousand pounds off breaking even and are in line with what our backers expected us to be doing.”
By Ruth Addicott