TIDMBMY
RNS Number : 4183W
Bloomsbury Publishing PLC
23 April 2021
BLOOMSBURY PUBLISHING PLC
("Bloomsbury" or "the Company")
New Bloomsbury acquisition strengthens Bloomsbury Digital
Resources division
23 April 2021
Bloomsbury Publishing Plc (LSE: BMY), the leading independent
publisher, today announces that it has signed a sale and purchase
agreement for the acquisition of certain assets of Red Globe Press
("RGP"), the academic imprint, from Macmillan Education Limited, a
part of Springer Nature Group. The consideration is GBP3.7 million,
of which GBP2.1 million will be satisfied in cash at completion and
up to GBP1.6 million will be paid on or post-completion, subject to
assignment of certain contracts.
RGP specialises in high-quality publishing for Higher Education
students globally in Humanities and Social Sciences, Business and
Management, and Study Skills. RGP has a backlist of more than 7,000
titles and publishes more than 100 new titles per year, with
content including digital platforms, textbooks, research-driven
materials and general academic publishing. The acquired RGP titles
are a good strategic fit, strengthen Bloomsbury's existing academic
publishing, and establish new areas of academic publishing in
Business and Management, Study Skills and Psychology. RGP's three
digital products will be migrated to Bloomsbury Digital Resources'
own platform and its content added to Bloomsbury Collections. The
business will operate within Bloomsbury's Academic and Professional
division.
RGP generated GBP9.6 million* of revenue in the year ended 31
December 2020, and profit before tax of GBP1.1 million, with gross
assets of approximately GBP0.8 million. There are opportunities for
profit enhancements following the integration of the business into
Bloomsbury. In the remaining nine months of Bloomsbury's financial
year ending 28 February 2022, RGP is expected to contribute
approximately GBP6.0 million of revenue and GBP0.4 million of
profit before tax, prior to integration and acquisition costs.
Nigel Newton, Chief Executive of Bloomsbury, commented:
"We are delighted to acquire the Red Globe Press list. Red Globe
Press aligns well with our existing academic publishing and
provides a gateway to new and attractive academic publishing areas.
This move is another key step in the delivery of our strategic
growth strategy, and continues our drive to grow our Non-Consumer
business. Acquiring these complementary lists accelerates our
digital growth and our significant presence in humanities and
social sciences academic publishing."
Emma Bourne, Managing Director Curriculum and Higher Education,
Macmillan Education, commented: "Following a strategic review of
the business, we have decided to focus on our core markets of K-12
English Language Teaching and Curriculum. We are sure that Red
Globe Press, its team of dedicated staff, and all its authors will
flourish within Bloomsbury, where the imprint can continue to grow
its excellent academic publishing."
*These numbers are unaudited.
For further information, please contact:
Bloomsbury Publishing Plc
Nigel Newton, Chief Executive nigel.newton@bloomsbury.com
Penny Scott-Bayfield, Group penny.scott-bayfield@bloomsbury.com
Finance Director
Hudson Sandler +44 (0) 20 7796 4133
Dan de Belder / Rebekah Chapman bloomsbury@hudsonsandler.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR .
The information in this announcement has not been audited or
otherwise independently verified and no representation or warranty,
express or implied, is made as to, and no reliance should be placed
on, the fairness, accuracy, completeness or correctness of the
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