Prospect, the highbrow current affairs magazine, has received a cash injection thought to be more than £500,000 and is hoping to more than double its circulation, its publisher David Hanger has disclosed.

Venture capitalist Peter Hall, the executive chairman of insurance giant Resolution Clive Cowdery and George Robinson, founder of the hedge fund Sloane Robinson are all contributing “a few hundred thousand pounds each” over three years in a private capacity according to the magazine’s publisher David Hanger, a former executive at the Economist.

Hanger, who would not reveal the exact sums invested, added that he hoped that by the end of the three years, the magazine’s circulation would almost double from its current total of about 27,000 to more than 50,000. He added that he was keen to make a profit from the magazine, which he says currently “bumps along the bottom”.

The three new investors now own more than 50% of the publication with the rest in the hands of what Hanger calls a “very interesting and long tail” of minor shareholders, including the title’s founder and editor David Goodhart.

…. more at Media Guardian

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