One of the biggest motoring publication groups will sell its portfolio for just over £2 Million.
Future will sell its auto titles and Triathlon Plus to Kelsey Publishing so it can focus on core verticals with an emphasis on the consumer technology market.
The portfolio includes the following: Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, Mini Magazine, Triathlon Plus, Classic Ford Show, Ford Fair, Japfest, Japfest 2: The Evolution, Performance Vauxhall Show, TRAX: The Ultimate Performance Car Event and associated websites.
They will be sold for a total initial consideration of £2.1m, comprising £1.8m in cash and £0.3m of magazine subscriptions deferred revenue to be retained by Future. In addition, deferred consideration of up to £0.8m is payable by 30 September 2015 based on revenue performance. Completion is scheduled to occur by the end of August 2014. The net proceeds of sale will be used to reduce the Group’s external borrowings.
The Portfolio includes the following: Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, Mini Magazine, Triathlon Plus, Classic Ford Show, Ford Fair, Japfest, Japfest 2: The Evolution, Performance Vauxhall Show, TRAX: The Ultimate Performance Car Event and associated websites.
The sale of these activities is consistent with Future’s strategy to focus on core verticals with an emphasis on the consumer technology market.
In the year ended 30 September 2013 the Portfolio generated revenue of £5.0m and pre-tax profit (post allocation of central Group and corporate costs) of £0.3m. The gross assets of the Portfolio as at 31 March 2014 were approximately £0.3m.
Zillah Byng-Maddick, Future’s Chief Executive, said, “The sale of this portfolio to Kelsey Publishing is another step in our strategy to focus the business on our core vertical markets.
Robin is the longest serving chairman of The Western Group. He's been vice chairman or chairman for over ten years and oversees the annual Western Group PR Driving Day each summer assisted by the group committee and supported by group members.
He contributes to a number of outlets in Wales and the UK, including the Driving Force editorial syndication agency feeding the biggest regional news and feature publishers in Britain.
Robin specialises in the Welsh automotive sector and motor related businesses with interests in Wales and publishes WheelsWithinWales.uk which covers news, features, trade and motor sport in Wales.
