Dods Group is to acquire Biteback Media Limited, (excluding its publishing subsidiary), and Holyrood Communications Limited from Political Holdings Limited.
The consideration payable for Biteback is £795,000 in cash. The Holyrood acquisition is to be settled by £416,806 in cash plus a further potential payment of £250,000 if certain gross profit targets are met. Biteback Media Limited publishes Total Politics, a monthly political magazine, and organises associated events. Biteback generated an EBITDA loss of £0.35 million for year to 31 December 2011 on revenues of £0.47 million. Based on the management accounts for the ten-month period to 31 October 2012 Biteback generated revenues of £0.7 million, an EBITDA loss of £0.1 million and had net assets of £0.2 million after an adjustment for intercompany loans. Holyrood is a publishing and events business based in Edinburgh, with particular focus on Scottish politics and current affairs. The acquisition of Holyrood will enable Dods to benefit from the increase in political activity in Scotland over the next two years. In the year ended 31 March 2012 Holyrood achieved revenues of £1.9 million and generated EBITDA of £0.1m.
UK, London
Related articles:
- Dods acquisition of the political intelligence division of DeHavilland referred to the OFT Posted on June 25, 2012
- Wilmington in talks to acquire Dods Posted on July 4, 2010
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