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Monday Feb 13, 2006

The most powerful man in UK publishing?

It sure looks like that title fits for Tim Hely Hutchinson, Hachette Livre CEO, who's just acquired Time Warner UK to add to the company's assets and may be expanding further. The Telegraph's Harry Wallop meets the man who went from a nobleman's son to spearheading a fledgling startup that soon took off:

[Starting Headline] was a brave move for a 32-year-old, even a well-connected one. He had no authors and only three fellow members of staff.

However, he raised just over £1m from venture capitalists and from friends and family. The fund-raising was hard work.

"Everyone hated start-ups then. It is extraordinary to think that it took four venture capitalists to invest just over £150,000 each. Nowadays most of those houses wouldn't even look at an investment unless it was for several millions. But it was like blood from a stone then."

What's Hutchinson's secret for success? Spotting talent and chucking those books that don't appeal within the first 100 pages (which sounds like a lot of give room to me...) and trusting his instincts. Said instincts have impressed his competitors: Richard Charkin, chief executive of Macmillan, says: "He's proved he can make acquisitions work time and time again. He's literate, he's charming, he's efficient and he's very, very, hard working."

Which bodes well enough for expansion, even if it might not keep everybody's jobs in the future...




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