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UK Businesses For SaleAndrew Neil buys struggling talent agency
19/06/2008
Andrew Neil, former Editor of The Sunday Times and chief executive of the Spectator group, has agreed to pay £4 million for the struggling literary and talent agency, Peters Fraser & Dunlop (PFD).
Mr Neil’s consortium has agreed to purchase PFD in a deal worth a third of what entertainment group, CSS Stellar, paid for the agency in 2001. The majority of PFD's agents, who looked after stars such as Keira Knightley, Nick Hornby and Ricky Gervais, walked out last year to form rival United Agents. The move came after a failed bid to buy the agency from its owners, CSS Stellar. Mr Neil was approached to bid for the agency by Caroline Michel, PFD’s chief executive, who was brought in last September. Ms Michel is to remain chief executive and focus on developing the business, and Mr Neil will handle the remaining legal claims against United Agents. Profits at PFD halved to £400,000 last year, however the business sees about £3.6 million from rights to use its authors’ catalogue on sales that reached £9.4 million in 2007. It is thought that CSS will make a profit of £3.4 million on the sale of PFD, and will have to write off £3.6 million of goodwill. Mr Neil's fellow investors are thought to be the City financiers Martin Gilbert and Ian Hannam, with the inclusion of a fourth contributor under discussion. PDF was established in 1924 as A D Peters. 
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