INM buys four Northern Ireland magazines
Published 26/02/2016 | 02:30
Independent News & Media is expanding through a deal to buy four magazines from Belfast-based Greer Publications.
The deal will add market-leading business and consumer publications 'Ulster Business', 'Northern Woman', 'Hospitality Review NI' and 'Ulster Grocer' to INM's portfolio, effective from February 24.
The ten staff who currently work on these titles will be retained, and in the near term will continue to operate from the Belfast Harbour Estate premises.
"We are very pleased to add these leading Northern Ireland titles to our portfolio," said INM chief executive Robert Pitt.
"They are clearly established magazines with a loyal following and an impressive readership across the business, food retailing, hospitality, consumer lifestyle sectors," he said.
"We look forward to their continued success under Richard McClean, INM's NI Managing Director, and his team. An important factor in acquiring these titles is the fact that they each have a robust online presence, and this very much fits in with the forward strategy across all of INM's titles," he said.
Acquisitions have been expected since the company cleared its debts last year.
That frees up cash for bolt-on deals or potential shareholder payouts, according to Davy Stockbrokers. INM will report results for the 2015 financial year on March 4.