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12 Apr 2010
Reader's Digest has been bought out of administration in the UK by a private equity vehicle owned by Jon Moulton.
Better Capital's BECAP fund backed a management buyout of the business in a deal worth £13m.
Administrators from Moore Stephens had been appointed in February to the UK arm of the business after plans to deal with its pension liability fell through.
The £125m pension liability will remain in the "old" company, with discussions on how to deal with it to continue between the Pensions Regulator, the Pension Protection Fund and the administrators.
The UK arm will have no bank debt through the deal, and publish the magazine through a licensing deal with its US counterpart.
"It’s rare to have an opportunity to back a dynamic management team to run a business with the heritage and brand strength of Reader’s Digest," said Mark Aldridge, CEO of Better Capital.
Further reading:
Readers Digest US parent could be held liable for UK pensions deficit
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