Readers Digest has new owner
Readers Digest UK has been bought by equity house Better Capital for £13m.
The group has confirmed that it has bought the magazine out of administration for an undisclosed sum. The management team will be led by managing director Chris Spratling.
Reader’s Digest UK went in to administration in February. The company has a £125m pension deficit and a failure to secure financial restructuring led to the company’s collapse.
Readers Digest dropped out of the Top 10 actively purchased titles in the most recent ABC figures issued in February, and is down 20.4% year on year.
US parent company Reader’s Digest Association has just emerged from Chapter 11 bankruptcy protection itself.
Adminsitrator Moore Stephens has confirmed that the April edition of the magazine will be published, its prize draws are continuing and it is selling advertising for the next three issues.
