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.
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report
Mid-sized British firms are currently growing faster and generating more profit than their counterparts in Germany, France, Italy and Spain, despite uncertainty surrounding Brexit, says the report
UK private investor Endless LLP acquires the high street retailer, saving 840 jobs
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence