Posted in: Comics | Tagged: diamond, Diamond UK

British Government Helped Diamond UK Do A Deal After The Bankruptcy

The British Government helped Diamond UK do a two-million-dollar deal after the Chapter 11 bankruptcy of Diamond Comics USA

Published Thu, 13 Nov 2025 07:57:04 -0600

by Rich Johnston

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Article Summary

Diamond UK secured its future with a $2M buyout after the US parent’s Chapter 11 bankruptcy.
The British Government, via Barclays and the Growth Guarantee Scheme, backed the pivotal Diamond deal.
The deal saved 60 jobs, retained major publishers, and kept comic supplies smooth for 300 UK stores.
Strong ties with Penguin and Kodansha ensure Diamond UK’s leadership in UK comic book distribution.

Bleeding Cool got the scoop on the new management team of Diamond Comics UK, after the bankruptcy of the US parent company. In that they were the old management team. Now it's all been made official, along with some of the numbers involved. We know that Diamond UK basically bought itself from the Diamond bankruptcy debtors for two million dollars, currently around one-and-a-half million pounds sterling. Not that the Diamond UK pound/dollar exchange rate in comic book stores has reflected such a change recently. The deal was backed by Barclays Bank, which provided a £1.39 million term loan through the Government Growth Scheme (GGS). Launched by Rachel Reeves, the Chancellor Of The Exchequer in July last year, designed to support access to finance for UK smaller businesses as they look to invest and grow, including term loans, overdrafts, asset finance, invoice finance and asset-based lending. In April this year, the Chancellor announced that the Growth Guarantee Scheme would provide approximately half a billion pounds of additional lending capacity to help more small businesses across the UK, particularly those that may need support with cash flow issues due to changes in global tariff rates. The Growth Guarantee Scheme typically supports facility sizes of up to £2m, providing the lender with a 70% government-backed guarantee. Which a) was perfect for the Diamond UK deal and b) explains the amount provided.

Meeting The New Owners Of Diamond UK At MCM London Comic Con — Diamond UK / Photo Rich Johnston

It has also been noted that the UK has 300 businesses, mostly comic book stores, that use Diamond UK, and aims to avoid the higher costs, potential US tariffs and logistical challenges associated with sourcing from multiple international distributors, as well as having a local UK warehouse with stock available to supply stores more quickly. The deal is also credited with saving more than sixty jobs in Diamond UK's headquarters in Cheshire. While many publishers left Diamond USA for other distributors, Diamond UK was successful at getting almost all of them back, including Marvel, DC, Image, IDW, Dark Horse, Boom, and, recently, Mad Cave Studios.

The new team are Keith Murrell, Accounts Manager, Mike Holman, General Manager, Lee Thompson, Deputy General Manager, Ben Cornish, Purchasing Manager and Alan Warburton, Warehouse Manager. Holman states, "When our US parent entered Chapter 11, it was vital that we acted swiftly to secure the future of our people, our partners, and the UK comic book community; Thanks to the support from Barclays, we've preserved 60 jobs here in the UK and ensured that the UK's only full-service comic distributor continues to thrive."

They also have a close relationship with Penguin, including Kodansha Europe and Penguin Random House US International. This even saw Diamond executives staffing the Kodansha booth at MCM London Comic Con. Cyrus Kheradi, executive vice-president, Penguin Random House US International Sales and Marketing, says, "We are pleased to hear that the UK market will continue to benefit from Diamond UK's distribution services, as it has for over 30 years. We look forward to continuing our successful partnership." Tim Wilkes of Kodansha Europe added: "In 2020, we decided that the best way to grow our business was by working in partnership with Diamond UK – the subsequent five years of unprecedented growth have justified that decision. Since the outset of the Diamond USA bankruptcy, our preferred outcome has always been a continuation of that partnership. The professionalism of Diamond UK during this difficult period has been exemplary. The standard of service, knowledge and love of the genre remain undiluted."

Diamond UK will be running presentations at Thought Bubble in Harrogate this weekend. Bleeding Cool will do its best to report from the room where it happens. The room where it happens.

Bleeding Cool will continue to report on the Diamond bankruptcy as it prepares to enter its second year.