Bloomsbury Publishing Plc has today completed the acquisition of Hart Publishing Ltd the Oxford-based legal publisher, from the management shareholders. The initial consideration of £6.5 million (which is subject to working capital adjustments) was paid in cash on completion from Bloomsbury’s own cash reserves.
A further cash consideration of up to a maximum of £0.5 million will be payable on the achievement of certain revenue and title number targets for the period ending 31 March 2014. The acquisition is expected to generate cost savings and be immediately earnings enhancing contributing approximately £1.4 million of revenue to Bloomsbury in the year ending 28 February 2014.
Hart was founded in 1996 and has developed an extensive list with leading authors including Michael Fordham QC, Andrew Burrows, Grainne de Burca, JW Carter, Peter Cane, Simon Deakin, Vernon Bogdanor, Robert O’Donoghue, Philip Coppel QC and Michael Beloff QC amongst others. Hart generated £2.6 million of revenue and £0.5 million of profit before tax in the year ended 31 March 2013. Gross assets at that date were £1.4 million.
Nigel Newton, Chief Executive of Bloomsbury commented, “The acquisition of Hart increases our presence in the academic and professional market and is a significant step forward in achieving our ambition of generating 50% of turnover from this important sector. It is complementary to, and will substantially enhance, Bloomsbury Professional, in particular increasing the division’s international sales. Our growing proportion of academic and professional revenues will increase profit margins and give our results more stability. The mix of digital and subscription based services that can be built out of the acquisition are hugely exciting and will provide good financial returns.”
UK, London & Oxford
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