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Scottish Peer Sells Offshore Conference Company
by Robert Lee, Tax-News.com, London
10 June 2005

Irvine Laidlaw, a keen yachtsman and recently in the headlines for his financial support of the Tory party, started IIR in 1973. He had announced his intention to sell IIR and donate up to £ 20 million a year to good causes.

Laidlaw owns all but a few percentage points of IIR, and will receive cash from T & F Informa, funded partly by debt and partly by a £311m issue of shares.

Informa, made up from IBC, Taylor and Francis and Lloyds of London Press, was itself founded in the same year as IIR, and has recovered from difficulties in the late 1980's under the able stewardship of CEO Peter Rigby to become now the world's largest conference-based business information company.

T&F Informa said it expected to make savings as a result of the deal worth £8m in 2006 and £11m in 2007 mainly from property, IT systems, procurement and reduced central overheads.

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