Future to sell portfolio for £2.1m

25th Jul 2014 09:02

International media group Future is set to sell its Auto titles and Triathlon plus portfolio for £2.1m in order to reduce its external borrowings.The group is selling the portfolio to Kelsey Publishing, which is expected to strengthen its focus on the consumer technology market.The sale is anticipated to be completed by August 2014.In the year ended September 30th 2013, the portfolio, which includes Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, ETC generated revenue of £5m. The gross assets of the Portfolio as at March 31st 2014 were approximately £0.3m.As of 09:14 the share price had risen 0.67% to 8.11p.WS

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