UBM plc announces that it has sold its UK agriculture and medical general practitioner portfolios – including the Farmers Guardian and Pulse titles – to the founders of Briefing Media Ltd for a total cash consideration of £10.0m*. The new business will be known as Briefing Media Group and is led by the experienced management team of Neil Thackray and Rory Brown. It is funded by GCP Capital Partners, a mid-market private equity fund.
The agriculture portfolio – comprising the Farmers Guardian and Dairy Farmer titles and their associated online offerings – is based primarily in Preston and employs 57 staff. The London-based general practitioner portfolio employs 33 staff and includes the Pulse and Practical Commissioning magazines and their digital and event products NAPC, the Mental Health Forum, Pulse Seminars, as well as Pulse Learning. Subject to completion of two separate consultation processes under the Transfer of Undertakings (Protection of Employment) Regulations, the transaction is expected to close in the next four to six weeks. In total, these assets generated revenues of £12.1m in 2011. Read More
