IN a management buy-out announced yesterday, the executive directors

of Holmes McDougall have purchased the company from its parent Scottish

& Universal Investments for #650,000.

Not included in the deal is the company's magazine operation, which

has been transferred to George Outram & Company, publishers of the

Glasgow Herald and Evening Times.

The popular titles involved include the prestigious monthly magazine

Scottish Field, the weekly Scottish Farmer, and the monthlies Climber

and Hillwalker and Great Outdoors. Effectively, Scottish Field is

returning to its roots, as a former stablemate of the Outram

publications.

Welcoming this development, Mr Ian J. Irvine, Outram managing

director, said he was delighted that Lonrho, the parent company, had

decided to retain the magazine titles. ''It will be our endeavour to

repay that faith by improving and developing them,'' he said.

It is understood that the magazines will continue to be based in East

Kilbride, where the division is under the management of Mr Michael Ure.

Existing printing arrangements are to be continued for a further

21!/;1/ years, the contract forming part of the agreement.

The executive directors involved in Holmes McDougall are Mr Frank

Baillie, chairman and chief executive, Mr Alan Keith, financial

director, and Mr John Sinclair, print director.

Their business will consist of educational publishing, posters,

calendars and commercial printing based in Leith, and label printing in

Glasgow. Mr Baillie estimated its annual turnover at around #8m and

employing 200 people.

Continuation of the magazines print contract would, he indicated,

provide a stable base in the immediate future, but the plan was to

expand organically and by selective acquisition in areas of printing and

publishing.