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.
Stephens had been appointed in February to the UK arm of the
business after plans to deal with its pension liability fell through.
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.
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
A short moratorium will give struggling companies a chance to be open with their creditors and negotiate a way out of their problems transparently, says Sykes
Out of a dozen sectors profiled only oil and gas and manufacturing were deemed to have a higher than normal risk of insolvency