Management Buyout Secures Future of UK's Sole Comic Distributor
Dozens of jobs in the North West have been saved after the management team of Diamond Comics UK successfully purchased the company from its bankrupt American parent in a deal financed by Barclays. The rescue secures the future of the Runcorn-based firm, which employs more than 60 people and is described as the UK's only nationwide comic book distributor.
From Bankruptcy to a Barclays-Backed Fresh Start
The British distributor's future was thrown into uncertainty when its US parent, Diamond Comics US, filed for Chapter 11 bankruptcy protection in January. The American firm cited a combination of falling consumer spending, rising operational costs, and the damaging loss of key exclusive relationships with publishers.
However, the UK arm continued to trade under its leadership team, which moved decisively to separate the British business. This effort was backed by Barclays, which provided a £1.39 million term loan through the Government Growth Scheme (GGS) to facilitate the management buyout.
The bid received formal court approval on August 25, and the newly independent company has already re-established its presence in the market, making its first appearance at the MCM London Comic Con last month.
A Vital Link for the UK's Comic Industry Preserved
Barclays emphasised the critical role Diamond Comics UK plays, noting it is the only worldwide distributor to work with all major comic book suppliers. The bank stated that the buyout is crucial for the UK's publishing and retail landscape, ensuring shops can continue to source from a single, domestic partner.
This avoids the complications and higher expenses associated with importing from multiple international distributors, including potential US tariffs and complex logistics.
Michael Holman, Chief Executive of Diamond Comics UK, commented on the decisive action taken. "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," he said. "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."
Owen Dady, Relationship Director at Barclays UK Corporate Bank, added: "We’re proud to back Diamond Comics UK at this pivotal moment for their business and the UK comic industry. Diamond’s management team has acted decisively to safeguard a vital link in the UK’s publishing supply chain, protect jobs, and preserve an important cultural sector for retailers and readers alike."
The successful buyout has been welcomed by major industry partners. Tim Wilkes of Kodansha Europe praised the "exemplary" professionalism of the UK team and expressed delight at continuing their partnership. Similarly, Cyrus Kheradi of Penguin Random House stated they were "pleased" that the UK market would continue to benefit from Diamond's distribution services, a partnership spanning over 30 years.
