Centaur Media to keep hold of leading title The Lawyer
Magazine publisher Centaur Media has pulled its sale of the Lawyer after deciding it was a “more attractive option” to keep hold of the title.
Centaur made the announcement on completing a divestment programme which began last October.
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It has now sold off four businesses, with the sale of its brands in engineering, financial services, human resources and travel and meetings, raising £21.75m in cash before costs.
“As previously disclosed, Centaur received a number of offers for The Lawyer, but the board has determined that retaining the business is currently a more attractive option and offers greater opportunity to create value for shareholders,” the company said in a statement to the London Stock Exchange.
“The sale of Centaur’s smaller businesses has simplified the structure of the group and will enable the achievement of significant cost efficiencies, thereby creating additional shareholder value.
“The board believes that it will be able to reduce overheads by at least £5m on an annualised basis which will deliver improved operating margins in 2020 and beyond.”
Centaur’s continuing business includes Xeim, which controls its marketing brands, and The Lawyer, a monthly magazine and website that specialises in the legal services industry.
Centaur chairman Colin Jones said: “The disposal programme has created a more focused group that is better placed to deliver value to shareholders. “