skip to content

Other

Ascential sells 11 remaining UK-based heritage brands

01 June 2017 07:27

Ascential has sold the remaining 11 UK-based heritage brands to Metropolis International Limited for £23.5m, payable in cash and subject to normal working capital adjustments.

Ascential said the sale had completed and the proceeds would be used to reduce its net debt.

The group announced on 5 January that it had separated 13 heritage brands into a new operating entity and that these brands would develop an independent business strategy while new owners were sought.

On 19 January, Health Service Journal was sold to Wilmington for £19m in cash and, following today's sale of the remaining 11 UK-based heritage brands, the sale process continued for the one remaining heritage brand, Meed. In 2016, the 11 UK-based heritage brands generated revenue of £32.1m (2015: £34.6m) and adjusted EBITDA of £6.9m (2015: £8.0m).

Gross assets at 31 December 2016 were £18m including intangibles.

Chief executive Duncan Painter said: "Ascential's strategy is to focus on its top performing brands to drive sustainable organic growth. This sale concludes the process to secure the future of the UK heritage brands."

The 11 brands include Drapers, Nursing Times, Local Government Chronicle, Construction News, New Civil Engineer, Ground Engineering, H&V News / RAC, Retail Jeweller, Materials Recycling World and the architecture titles including Architects' Journal, The Architectural Review and its associated World Architecture Festival.

Story provided by StockMarketWire.com

Related Company: ASCL

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

-

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.