The Week Australia’s ‘period of consultation‘ was not as long as it could (or should) have been as the company went into voluntary liquidation on 17 October.
The title has simply stopped publishing.
There is no news as to whether staff will get proper redundancy or a statutory minimum, whether customers will get any refunds on what remains of their subscriptions or what creditors will receive. The cynical might think that this was a shoddy move to reduce the amount that the company needs to pay out to wind up its failed Australian business.
At the beginning of the month Dennis Publishing announced that its profits had risen 14% to £4.1m
Felix Dennis’s personal wealth is estimated at £500m
An announcement on felixdennis.com which could have interesting repercussions – Dennis is a significant-sized, privately-owned company and any threat to the long-term health of its owner has to put a question mark over the long term health of the business itself. (Although Private Frazer sincerely hopes that Felix will continue to be publishing’s thorn in the side and pain in the backside for quite a while yet.)
Felix has been diagnosed with cancer of the pharynx (throat). Following surgery in an Oxford hospital yesterday, all being well, he should be discharged from hospital within 10 days.
Following a month’s convalescence, Felix will begin a course of further treatment lasting several months. His chances of a full recovery are good.