London publisher The Folio Society sold to its staff for £10 million

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The former owner of the firm said: “It is fitting that the new owners be employees, because they are the people who have made it what it is today”.

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Took

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Onden’s publisher The Folio Society today revealed it has been sold to 40 of its employees for £10 million.

The publisher has offered new illustrated reprints of classic books since 1947. It generated over £15 million in revenue last year and says it has seen five consecutive years of growth. Recent bestsellers have included new James Bond versions featuring artist Fay Dalton and Dune series covers.

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Toms often come with new introductions from illustrators or literary figures such as Stephen Fry, and can be purchased online.

The company, which was bought in 1982 by labor peer and printing tycoon Bob Gavron, is now adopting a John Lewis-style structure. It will be wholly owned by its employees through the Employee Ownership Trust.

The coworker died in 2015 and his widow, publishing veteran and Carnet Press owner Kate Gavron, has since served as chairman of the board of management. She oversaw sales to employees after the publisher’s CEO Joanna Reynolds muttered the idea for five years.

Gavron said shareholders are “delighted” with the move, and that her late husband would have “enthusiastically” approved.

She added: “It is fitting that the new owners be employees, because they are the people who made it what it is today.”

Reynolds said the move “reflects our values ​​and will firmly set the business up for the future”.

For book lovers the publisher markets themselves as book lovers. Its illustrated version of the Game of Thrones series costs around £135.

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