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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children