According to News Agency AFP, Better Capital Limited’s BECAP fund has backed a management buy-out to acquire Reader’s Digest UK. The UK business had gone into administration on February 17, six months after its US parent group filed for Chapter 11 bankruptcy. Managing director Chris Spratling will continue to run the company.
Aprox. Value: £13,000,000
Acquirer: Better Capital
ACQ Web: http://www.bettercapital.co.uk/
Location: UK, London
Category: Investment Company
Contact 1: Jon Moulton, Chairman
Contact 2: Mark Aldridge, CEO
Administrators: On 17 February 2010, Phillip Sykes, Jeremy Willmont and Bill Beach of Moore Stephens were appointed joint administrators to The Reader’s Digest Association Limited, a UK subsidiary of The Reader’s Digest Association, Inc.
Description: The Reader’s Digest magazine was founded in 1922 by Lila Bell Wallace and DeWitt Wallace, and based in Chappaqua, New York, United States. The UK version was launched in 1938. It employs 117 people and has a circulation of around 465,000.”
Link: AFP news story
FDN Database Reference: F231109-383
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