Member of the board of UP Invest Sven Nuutmann has decided to leave the company and accept new challenges outside the group, the BNS news agency owned by the group said.

The board of MM Grupp OÜ will continue with three members – Margus Linnamäe, Kristel Volver and Margus Kähri.

UP Invest said on Monday it will create a new company for developing its television business, involving television media experts Jüri Pihel and Risto Rosimannus as strategic partners.

UP Invest made a profit of €11.3 million in 2018, governing all businesses associated with Margus Linnamäe – Postimees Grupp, pharmaceuticals wholesale business, Apollo bookstores and movie theaters.

For years, UP Invest was owned by Linnamäe through Dutch holding company MM Holdings B.V. The company belongs to Linnamäe and business partner Ivar Vendelin's MM Grupp OÜ registered in Estonia since 2018.

UP Invest governs companies such as Apollo Group, IM Arvutid, AS Magnum, Skeleton Technologies, Postimees Grupp, Kroonpress, Apollo Film Productions, Liivimaa Lihasaaduste Wabrik, Linnamäe Lihatööstus.

Nuutmann: My desire to leave the company was unrelated

Nuutmann told ERR that he had considered leaving the company for some time and that the decisions is not related to the merger.

"There were a lot of fun periods, while I felt that now was the time to move on. The timing of my departure and the merger rather simply coincided," Nuutmann said.

The executive said that while he wants to remain in the world of business, he has no set plans right now. "I will be looking at projects where I can participate as an investor or stakeholder. The times are confusing and interesting projects are sure to crop up."

Nuutmann added that while the plan to merge UP Invest and MM Grupp was not new, he is no longer in a position to comment on the background.

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