Ascential, organiser of events such as Bett and Autumn Fair, has announced the sale of its remaining 11 UK-based heritage brands.
The brands, which include publications Drapers, Nursing Times, Construction News and Materials Recycling World, have been sold to Metropolis International Ltd for a sum of £23.5m, payable in cash and subject to normal working capital adjustments.
The proceeds of the sale will be used to reduce the company’s net debt.
On 5 January 2017 Ascential announced that it had separated 13 heritage brands into a new operating identity, which would develop an independent business strategy while new owners were sought.
Earlier in the year, Health Service Journal was sold to Wilmington for £19m, and following the sale to Metropolis of 11 brands the sale process for the one remaining brand – Meed – continues.
Duncan Painter, CEO, Ascential, commented: “Ascential’s strategy is to focus on its top performing brands to drive sustainable organic growth. This sale concludes the process to secure the future of the UK Heritage Brands.”