The Bookseller.com

29th August 2008

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Methuen finance drama nears end

14.02.08 Tom Tivnan

Methuen Publishing is close to resolving its long-­running dispute with its former venture capital partner over its future direction.

Methuen was recently issued with a notice from Companies House advising that it would be struck off the register and dissolved by March 4th for not filing returns since 2004. However, Methuen insists the hold-up was down to delays as it extricated itself from its partnership with Quester Venture Capital Trust, which had provided backing since 1998. The partnership is now over, and Methuen said it would file both 2005 and 2006 returns in a matter of weeks.

M.d. Peter Tummons said the £2.35m sale of Methuen's drama list to Bloomsbury in 2006 provided the capital to buy out Quester. He added: "We no longer have any connection with them. But it was a major blow as a company to have to sell off the drama list."

He also brushed aside suggestions of unpaid royalties, saying they were the result of a one-off dispute with an author over a rights reversion issue, which has since been resolved.

Publisher tom tivnan Methuen