 The recession of the early 1980s prompted Reed's first-ever loss (£1.64m in 1983) and the closure of agency branches, from 130 to 87.By March 1984 profitability returned, to £1.2m.Reed shares hit their all-time peak in early 1987, reaching £1.80; during this period The Reed Foundation bought back shares, with the Reed family's holding rising to 70% of the company.