The disposal follows Centaur’s decision last October to explore the divestment of its smaller businesses in order to simplify the Group’s structure and to focus management resources on its leading brands.
Metropolis has paid £5 million in cash for the division sold. Centaur will consider the best use for the proceeds following the completion of its divestment review.
Centaur’s financial services division comprises a portfolio of leading multi-channel publishing and content brands, including Money Marketing, Mortgage Strategy, Platforum, Taxbriefs and Headline Money. These brands generate advertising and other revenue by serving a range of audience segments within the financial services industry, including financial advisers, mortgage brokers, accountants and asset managers.
Andria Vidler, Chief Executive of Centaur, said, “This disposal continues the simplification of Centaur, further reducing our advertising exposure and allowing us to focus on developing products and services with stronger recurring revenues. A simpler group structure will allow us to deliver efficiencies and other operational benefits.
“Our financial services portfolio which includes Money Marketing has played a key role in the development of Centaur over the years, and I want to thank the teams for all their hard work. I am pleased that Metropolis sees the potential to develop the business further.”
Robert Marr, Chief Executive of Metropolis Group, added, “The acquisition continues the development of Metropolis and aligns with our vision of delivering sustainable profitable futures for well-managed media brands. We look forward to working together with the financial services team to further develop these long-standing market-leading brands.”
For the year ended 31 December 2018, Centaur’s financial services business made an adjusted operating profit of £1.2m, up from £0.6m in 2017, on revenues of £8.2m (2017: £8.9m). At 31 December 2018, the business had gross assets of £2.3m.
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- Centaur Media plc publishes its interim results for the six months ended 31 December 2013 Posted on February 20, 2014
- Wilmot abandons plans to make an offer for Centaur Posted on October 22, 2013
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- Centaur Media plc – full year results Posted on September 12, 2013
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- Centaur Media plc – half year results for the six months ended 31 December 2012 Posted on February 22, 2013
- Centaur Media PLC – half year trading update Posted on January 11, 2013
- Centaur Media year-end trading statement Posted on July 17, 2012
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- Centaur Media PLC – Interim Management Statement Posted on May 12, 2011
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