Transport and logstics group P& O has sold its subsidiary Quantum Publishing to a management buyout for £20.5m.

The newly independent company, renamed Quantum Business Media, has annual sales in excess of £6m and is 47.1% owned by a management team led by chief executive and founder, Richard Flaye. The remaining 51.4% is held by venture capitalist ABN Amro Capital.

Quantum's publications, which number fourteen titles acquired from Emap in 1997, include Media Week, Press Gazette and The Publican.

Says Flaye: "Some 37 people in Quantum now have a stake in the business. This is really going to make a difference as a high proportion of our managers will be even more highly motivated to succeed."

News Source: CampaignLive (UK)