The special interest magazine business of collapsed publishing group Highbury House Communications plc has been rescued by Endless LLP, the buy-out and turnaround fund focused on UK businesses with strong development potential. In addition to the purchase price, Endless is also providing working capital for future expansion.
Endless paid a seven-figure sum for the business – which is renamed Encanta Media Ltd and publishes several of the UK’s oldest hobby titles.
Endless completed the transaction within 14 days of its first contact with the accountants who were assisting Highbury’s board prior to the group’s demise. Publishing entrepreneur Peter Harkness assisted Endless with the transaction. He said: “The investment by Endless helps secure the future of a well established business that publishes some of the UK’s oldest and best-loved specialist consumer magazines.
“A key component of the deal was the speed with which Endless could act, as well as the professionalism of its advisory team. These qualities ensured the deal went ahead with minimum disruption to readers, business partners, staff and other stakeholders.”
All 45 staff at the division – based in Orpington, Kent – transfer to Encanta Media and publishing continues without a break. Latest editions of the magazines were being distributed from the printers within hours of the acquisition.
Garry Wilson, Partner, Endless LLP, added: “We are delighted to have brought together the funding to secure the future of this quality, established business. We wish Encanta all the best in its next stage of growth and beyond, and we look forward to working with the Company to provide additional support as required.
“We believe no one can compete with Endless on our speed of transaction.”
Further information:
Encanta Publishing
Peter Harkness
+44 (0) 7970 850 573
Endless LLP
Garry Wilson, Partner
+44 (0) 7785 22147
garry.wilson@endlessllp.com
Darren Forshaw, Partner
+44 (0) 7887 625110
darren.forshaw@endlessllp.com
Media enquiries:
Capital MS&L
Peter Curtain
+44 (0) 20 7307 5330
Annabel O'Connor
+44 (0) 7711 608747
annabel.oconnor@capitalmsl.com
www.capitalmsl.com
Endless
Endless provides investment and financial advice to support buyout, turnaround and re-financing situations with equity and debt injections. Based in Leeds, the firm prides itself on its market-leading speed combined with ultra-efficient service. Endless makes its own investment decisions, without any need for approval by a credit committee. Supported by private investment, Endless has raised an initial fund of £100 million to invest.
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