Fido Media prepares to challenge local newspapers with launch of free classified advertising sections
[UKPRwire, Tue Jan 02 2007] Speaking about the announcement, Daniel Corby, Group CEO said “we feel that Fido Magazine is well placed to offer free classified advertising to its readership base as a direct challenge to newspaper groups in the areas in which we operate. Fido Magazine delivers profits through the sale of advertising to small and medium sized businesses, with readership of around 160,000 people per month. The free classified advertising will allow readers to text in their classified adverts for inclusion in the next issue. Fido Magazine will be a key driver of parent 118 Group’s growth in the coming year and this additional tool will lift readership. Unlike conventional newspapers, we’re profitable without selling classified advertising”
Daniel Corby continued “118 Group’s cross selling opportunities for the business are huge and we fully expect the business to achieve double digit growth for 2007 and beyond. From humble beginnings in 2005, 118trades has become part of the multi million 118 Group, with interests in Advertising, Directories, Media, Mobile, Publishing and Telecoms. The business is now one of the largest on-line directories in the UK, sold through telesales and inbound response from UK call centres. The recent launch of tastymobiles which will now be connecting to all 6 mobile networks will enable the group to offer more to its customer base than ever before. Fido Media is expected to be a significant contributor to the 118 Group Holdings plc”
Notes to editors
The group is now starting to think and act like a plc ahead of the planned float and has recently made some high profile appointments including business veteran Richard Allan, the former CEO of Perry Group plc as Chairman, Hugh Craen, the founder and mastermind of Potential Finance Group plc which floated on AIM in 2002. Hugh joins the business as a non executive director, Peter Hill as Group FD, who joins from Dorma Door Controls Limited, Scott Barker as Head of Risk, previously from World Pay and Meta Charge. In addition, Ian McLachlan, the recently retired head of Trading Standards of Hertfordshire, who has become Head of Ethics for the business and will oversee the way the business manages relationships with shareholders, staff, customers and suppliers. The business is now in talks with a former Director of Yellow Pages with regards to taking a board position with 118 Group Holdings plc. Further statements will follow in due course
118 Group Holdings plc successfully completed pre IPO fund raising exercises in October 2006 ahead of the planned AIM float and is growing ahead of forecasts. Last month the business announced the creation of 300 new jobs in Chelmsford and is recruiting rapidly. A third call centre for Chelmsford is currently at the planning stage following an offer being accepted by landlords for additional space of 17,500 square feet.
You can read more about the business at www.the118group.com
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