Sponsored by
Magazine publisher sold
Kathryn Moore YORKSHIRE buyout fund Endless has sold a special interest magazine business seven months after it rescued it from administration.
Endless, the Leeds-based 100m buyout and turnaround fund, purchased Encanta Media – part of collapsed publishing group Highbury House Communications – in January this year. It has sold the business to on-line publishing business Magicalia for 2.72m, representing a significant return on investment. Magicalia is partly owned by Encanta's management, Peter Harkness and Owen Davies.
Endless was launched at the end of last year by former Ernst and Young specialist Garry Wilson. The business paid an undisclosed sum for the hobby titles and provided working capital for future expansion.
Encanta is one of the UK's leading hobby and special interest consumer magazine publishers, with specialist titles including Gardens Monthly, The Woodworker and Popular Patchwork.
Christopher Clegg, investment director at Endless, said: "This has been an outstanding investment for us in such a short timescale. Peter introduced us to the opportunity and we were very keen to support him having worked successfully with him in the past. Not only does this current transaction provide a new platform for Encanta to develop its already successful business but it represents a significant milestone for the growth of Endless."
Magicalia operates around 40 websites and is acquiring Encanta as the basis for a printed media business.
Highbury House, the magazine publisher in which former Sun editor Kelvin MacKenzie had a 20 per cent stake, went into administration in January with debts of around 40m. The profitable Encanta division had a turnover of around 6m before Highbury's collapse.
Email to a friend
Print this page- Celtic interested in Leeds United’s White
- Ball is in Leeds United’s court over contract - Snodgrass
- Sister ‘saw parents kill teenager Shafilea Ahmed for bringing dishonour on family’
- 20 degrees! At last, Yorkshire’s about to bask in sunshine
- Worker killed and trains halted on North York Moors steam railway
- Ball is in Leeds United’s court over contract - Snodgrass
- Celtic interested in Leeds United’s White
- Sister ‘saw parents kill teenager Shafilea Ahmed for bringing dishonour on family’
- Fears over faith split fuelled by free school proposals
- Luton Town 1 York City 2: York clear their heads after early blow to claim their place back in Football League
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Tuesday 22 May 2012
Today
Sunny
Temperature: 9 C to 22 C
Wind Speed: 12 mph
Wind direction: North
Tomorrow
Sunny
Temperature: 12 C to 22 C
Wind Speed: 9 mph
Wind direction: North east
