Last checked at 1 Apr 2019 07:00
01 April 2019
Centaur Media Plc
Centaur sells financial services division to Metropolis
Centaur Media Plc ("Centaur"), an international provider of business information and specialist consultancy, today announces that it has sold its financial services division to Metropolis Group ("Metropolis"), specialists in business and consumer media.
The disposal follows Centaur's decision last October to explore the divestment of its smaller businesses in order to simplify the Group's structure and to focus management resources on its leading brands.
Metropolis has paid £5m in cash for the division sold. Centaur will consider the best use for the proceeds following the completion of its divestment review.
Centaur's financial services division comprises a portfolio of leading multi-channel publishing and content brands, including Money Marketing, Mortgage Strategy, Platforum, Taxbriefs and Headline Money. These brands generate advertising and other revenue by serving a range of audience segments within the financial services industry, including financial advisers, mortgage brokers, accountants and asset managers.
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.
For the year ended 31 December 2018, Centaur's financial services business made an adjusted operating profit of £1.2m, up from £0.6m in 2017, on revenues of £8.2m (2017: £8.9m). At 31 December 2018, the business had gross assets of £2.3m.
Enquiries
Centaur Media Plc
Andria Vidler, Chief Executive Officer 020 7970 4000
Swag Mukerji, Chief Financial Officer
Teneo
Paul Durman/Rebecca Hislaire 020 7420 3144
Note to editors
Centaur
Centaur is an international provider of business information and specialist consultancy that inspires and enables people to excel at what they do, raising the standard for insight, interaction and impact.
Leading brands include: Econsultancy, Marketing Week, Festival of Marketing, MarketMakers, Creative Review, Influencer Intelligence, Fashion & Beauty Monitor, The Lawyer, Employee Benefits, The Engineer, Subcon, Oystercatchers, the Business Travel Show and The Meetings Show.
Metropolis Group
Metropolis Group is a fast-growing group, established in 1994, that specialises in business & consumer media and discount & loyalty programmes. It employs 500 people and has offices in West London, Croydon, Shoreditch, Bolton, Dublin, and Chester.