Ascential sells 11 remaining UK-based heritage brands for £23.5m

Business-to-business information company Ascential has sold its remaining 11 UK-based heritage brands to Metropolis International for £23.5m in cash, which will be used to reduce its net debt.

On 5 January, the group announced that it had separated 13 heritage brands into a new operating entity and that these brands would develop an independent business strategy while new owners were sought. On 19 January, Health Service Journal was sold to Wilmington for £19m in cash and, following the sale on Thursday of the remaining 11 brands, the sale process continues for Meed.

Chief executive officer Duncan Painter said: "Ascential's strategy is to focus on its top performing brands to drive sustainable organic growth. This sale concludes the process to secure the future of the UK heritage brands."

The 11 brands include Drapers, Nursing Times, Local Government Chronicle, Construction News, New Civil Engineer, Ground Engineering, H&V News / RAC, Retail Jeweller, Materials Recycling World and the architecture titles including Architects' Journal, The Architectural Review and its associated World Architecture Festival.

In 2016, the 11 UK-based brands generated revenue of £32.1m and adjusted earnings before interest, taxes, depreciation and amortisation of of £6.9m.