St Ives plc has sold its loss making magazine business, comprising St Ives Peterborough Limited, St Ives Plymouth Limited, St Ives Roche Limited and St Ives Web Limited, to Walstead Newco3 Limited, a wholly owned subsidiary of Walstead Investments Limited, for £20 million. £15 million in cash and £5m in loan notes.
The Magazine business is the web offset printing operation of St Ives, offering magazine printing capabilities to customers across the UK. The business is responsible for the production of weekly, monthly and specialist magazine titles. It employs around 670 people. Revenues to year-ending July were £70.5 million generated pre-tax losses of £5.1m.
St Ives will retain ownership of the properties currently occupied by the Magazine business in Peterborough, Plymouth and Roche and will lease them to the new owners.