Kelsey Publishing acquires Auto titles and Triathlon Plus from Future for £2.1M

kelsey_mastFuture plc has exchanged contracts to sell a portfolio comprising its Auto titles and Triathlon Plus to Kelsey Publishing Limited for a total initial consideration of £2.1m, comprising £1.8m in cash and £0.3m of magazine subscriptions deferred revenue to be retained by Future. In addition, deferred consideration of up to £0.8m is payable by 30 September 2015 based on revenue performance. Completion is scheduled to occur by the end of August 2014. The net proceeds of sale will be used to reduce the Group’s external borrowings.

future smThe Portfolio includes the following: Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, Mini Magazine, Triathlon Plus, Classic Ford Show, Ford Fair, Japfest, Japfest 2: The Evolution, Performance Vauxhall Show, TRAX: The Ultimate Performance Car Event and associated websites.

In the year ended 30 September 2013 the Portfolio generated revenue of £5.0m and pre-tax profit (post allocation of central Group and corporate costs) of £0.3m. The gross assets of the Portfolio as at 31 March 2014 were approximately £0.3m.

UK, London & Cudham, Kent

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