9th May 2019 11:39
LONDON (Alliance News) - Centaur Media PLC said Thursday it will sell its engineering publishing portfolio to the Mark Allen Group for GBP2.5 million in cash as it continues to sell-off non-core assets.
Shares in Centaur were 4.3% higher at 55.00 pence on Thursday.
Centaur - a publishing, events and services firm - will sell the portfolio which include "market's leading website, magazine and events, and has deep industry relationships and a diversified client base." The assets include The Engineer magazine and Subcon industry show for subcontract manufacturing professionals.
In October after a strategy review, Centaur decided to focus on its leading brands and divest the others. In addition to the engineering unit sale, Centaur has already sold its human resources and financial services units as well as others bringing in a cumulative GBP21.8 million in proceeds.
"This is the fourth disposal following Centaur's divestment review," Centaur Chief Executive Officer Andria Vidler said. "Throughout the process we have been pleased with the interest our businesses have received, and we are delighted that our engineering portfolio is joining Mark Allen Group who recognise its value and are well positioned to take it forward."
Centaur emphasised the sale of The Lawyer publication was still "continuing" and that it would decide what to do with the sale proceeds from the divestment programme in due course.
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