Posted in: Comics, Marvel Comics | Tagged: diamond, Diamond UK, mcm, thought bubble

Diamond UK Confirms Management Buyout And Their Plans Going Forward

Diamond UK confirms Management Buyout and their plans going forward, with quotes from Marvel, Kodansha and Penguin Random House

Diamond UK was defined as a profitable side of Diamond Comic Distributors before their parent company's Chapter 11 bankruptcy, and was sold off as part of a management buyout or MBO, earlier this year, for over two million dollars. While many publishers left Diamond, they almost all stuck with Diamond UK because a) they kept paying their bills and b) remained a more effective distribution method for many from the US to the UK and the rest of Europe, by consolidating orders geographically, and maintaining an easily accessible warehouse of stock on this side of the pond. Mad Cave Studios and TwoMorrows were the only publishers to entirely pull out from both Diamond and Diamond UK, but there are also more recent publishers that have only gone through Lunar and not Diamond UK at all, such as Rekcah Comics. There have also been issues with delays, with Image Comics titles now regularly two weeks late, and the gap between the £/$ exchange rate and the price on the shelves has never been so high. All these are issues which may well be discussed and, who knows, possibly rectified in the next few weeks. The following letter was sent to comic book stores and bookstores in the UK over the weekend. And it looks like TwoMorrows at least will be coming back…

"We are very pleased and excited to be able to announce that the sale of Diamond UK has been completed and that the current management team of Diamond UK are now the proud new owners! It's fair to say that the last few years have had their 'moments' and problems, but together and with publisher support, we've all faced them head-on and have been able to overcome every obstacle we've encountered. The latest chapter 11 filing for Diamond US has been the biggest challenge we've ever had to face and it's down to your constant unwavering support that helped us make the decision to proceed with the MBO.

"We are aware that there are changes and improvements that need to be made and in the coming months we will be looking at these as we strive to provide you with a better and more efficient service. Your patience and understanding will be appreciated while we look at what needs to be done and the best way of implementing them. The response from publishers and suppliers for the takeover has been amazing (look out for a Twomorrows email from us very soon and more to follow!) and we're very excited for this new chapter in UK & EU comic distribution.

Tim Wilkes – Kodansha Europe "In 2020 we decided that the best way to grow our business was by working in partnership with Diamond UK- the subsequent 5 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. We are therefore delighted that we will continue to work with Diamond UK going forward."

David Gabriel, VP, Comic Sales and Content Planning – Marvel Comics "Diamond UK has been an important long-term retail partner with Marvel, and we're thrilled to hear they'll be moving forward with their distribution operations for the UK. We look forward to continue working together to serve comic shops and fans."

Cyrus Kheradi, EVP Penguin Random House US International Sales & Marketing "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."

"We will be holding a UK retailer event at the MCM Comic Con in the Excel centre London on Friday 24th October between 2pm-3pm and will be providing more details including how to register in the next few weeks, we will also be hosting an event at Thought Bubble on Saturday 15th November full details to follow. To repeat and reaffirm our message throughout all of the recent complications, the new directors (Mike, Lee, Alan, Ben, and Keith) would like to thank you for your constant patience and support it really is this and your passion and commitment to the industry that helped shape our decision."

Bleeding Cool will be attending both events and will report back, NDAs and impending hospital surgery willing.

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