UK publisher The Folio Society has announced the sale of its company to its employees for £10 million. The sale gives the employees 100% ownership of the company.
CEO Joanna Reynolds, leading the buyout for employees, says of the sale:
The Folio Leadership Team is very excited about the move to an EOT. It is a progressive, innovative, industry-leading approach that reflects our values and will position the business strongly for the future. The people who have driven the business forward and who will continue to strive for excellence in everything we do, will own Folio. We believe that our authors, illustrators and other key partners will celebrate with us in this positive step towards the next 75 years of Folio’s story. We love the books we publish and know they can only get even better.
To find out more about the buyout, see the post on their website.
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