Centaur Media has announced the sale of its financial services division for £5m in cash to Metropolis Group, following the decision last October to explore the divestment of its smaller businesses.
The divestment is intended to simplify Centaur’s structure and focus management resources on its leading brands.
Centaur’s financial services division comprises Money Marketing, Mortgage Strategy, Platforum, Taxbriefs and Headline Money.
Andria Vidler, chief executive of Centaur, commented: “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.”
Cavendish Corporate Finance acted as financial adviser to Centaur in relation to the sale of the financial services business.