Wilmington disposes of 'non-core' B2B titles for £12m

by Jacquie Bowser, Brand Republic 15-Aug-07, 11:15

LONDON - Wilmington Group, the business-to-business publishing company, has completed the sale of a number of magazines and events to Progressive Media Publications for a total cash consideration of £12m.

Progressive Media has acquired the entire issued share capital of Wilmington Media and Dewberry Redpoint, which run events, provide marketing services and publish magazines such as Blueprint, Tunnels & Tunnelling, Dam Engineering, Eat Out and What Van?.

According to Wilmington Group, the titles are all in the non-core business categories of design, construction, power, catering and automotive specialist markets, which are all included in the sale.

In the year to June 30 2006, Wilmington Media and Dewberry Redpoint had combined revenues of £19.8m and operating profit before amortisation of intangible assets of £1.2m.

Charles Brady, Wilmington chief executive, said: "Our focus will now be on the development of training and information businesses in professional markets.

"Wilmington is confident it will significantly improve the revenues and the performance of the group through organic growth and by acquisition."

The proposed sale was first announced at the beginning of June this year after a strategic review.

Wilmington Group will remain active in the legal and regulatory, media and entertainment, and healthcare sectors, which reportedly accounted for about 93% of the group's pre-tax profits in the year to June 2006.

The group resurrected journalists' trade weekly Press Gazette in December last year after it folded the month before, following a breakdown in talks about making the title an industry-owned asset between Associated Newspapers and Telegraph Media Group. That move failed after rivals News International and Guardian News & Media refused to come on board.