Neil McLeod

My Farewell to The Spectator 1/2 It is with great sadness that I write to tell you I am resigning as Chairman of The Spectator, with immediate effect. I made it clear many months ago that I would step down when a new owner took over. That time has now come.  It has been my immense privilege these past twenty years to have served as your Chairman. During that time we have transformed the oldest magazine in the world, established in the age of the quill pen, into one of the most successful publications of the digital age, growing revenues rapidly across all digital platforms while still maintaining a very healthy print circulation.  In recent years The Spectator has never been more profitable, its reach never wider, at home and abroad (helped by our splendid Australian and American editions), and its journalism (under the peerless Fraser Nelson) never better nor more influential than it has been in its almost 200-year history. It is a testament to the efforts of everybody in every department, past and present. You should be proud of what you have achieved. I am certainly proud of you.  A pertinent indicator of these achievements is that a magazine which was given a notional value of £20m two decades ago has been sold for around £100m today (I don’t know the exact price since, in a fit of pique after we stopped Redbird’s Arab-financed takeover, some of us were excluded from the sales process now coming to an end). But at a time when most “legacy” publications are struggling to retain anything like their pre-digital worth, this is an unprecedented increase in value.  It is sad, even unfair, that nobody responsible for this success — that is, everybody at 22 Old Queen Street — will share in the upside. That is a result of the strange and surprising circumstances, definitely not of our making, we found ourselves in June 2023. Suddenly and without warning we were placed in receivership because our then proprietors had used us as collateral for massive debts unrelated to us (without ever telling us). They then failed to pay these debts. That explains the purgatory we’ve gone through these past 16 months and the peculiar nature of the sales process, in which those who’ve created the added value do not get to share in it.  It is a tribute to your professionalism and dedication that, throughout these troubled times, you never missed a beat. You continued to publish in print and online as normal. No reader could ever have guessed the internal turmoil we were going through — at one stage there were more external advisers crawling over us than we had employees — because you never deviated from our high standards.  My proudest recollection will always be the fact that, at a time when legacy print publications were relentlessly cost-cutting and regularly making huge numbers of good people redundant, I did not preside over a single compulsory redundancy in 20 years. Far from shedding folk we were always expanding and hiring. And we did so in a way that turned what once seemed like a largely Eton-Oxbridge fiefdom into probably the most meritocratic publication in the country.