FOUR new Opus titles should be released before Christmas following the successful management buyout of Kraken Sport & Media Ltd.

The injection of new funds into the company, which will now be known as Opus Media Group Ltd, means heavyweight publications on Celtic, Prince, The Saatchi Gallery and Formula 1 can now be finished.

Following the withdrawal of a potential $10m. investment from the US, the company in its former guise went into voluntary administration on 5 June for a week, at the end of which the management led by Karl Fowler and Paul Murphy, and supported by an investor from the Gulf, completed a management buyout of the Opus business.

‘In the current economic climate we are delighted to have secured so many jobs that might otherwise have been lost,’ said Mr Fowler (pictured).

‘Like many companies, both nationally and internationally, the past 12 months have been a difficult time. However, by restructuring and bringing in additional finance Opus Media Group Ltd has consolidated its interests and is set to accelerate its output. This is excellent news for the business and our partners.’

Kraken Sport & Media was established as a standalone business at the end of 2005, following the set up in Guernsey of the Kraken Group as a boutique finance company by Mr Fowler and Mr Murphy in 2003.