Ascential to sell HSJ to Wilmington for £19m

Business-to-business media company Ascential has agreed the sale of Health Service Journal to Wilmington for £19m in cash.

The sale is expected to complete at the end of this month and proceeds will be used to reduce the company’s net debt and invest in the business.

Earlier this month, Ascential announced that it had separated 13 heritage brands into a separate operating entity and that these brands would develop an independent business strategy while new owners were sought. The sale of HSJ – a source of information for public and private health professionals – to Wilmington marks the first sale in this process.

Last year, HSJ generated revenue of £10m and earnings before interest, taxes, depreciation and amortisation of £2.8m, while its gross assets at June 2016 were £12.8m including intangibles.

Chief executive officer Duncan Painter said: "This is the first key milestone in finding the right future home for our Heritage Brands and highlights the attraction of these brands to new owners. HSJ is recognised as a market leader in its sector and I have confidence that Wilmington will provide the right environment for its continued success."