Highbury Up For Sale After Defeat By Debt

Magazine publisher Highbury House has been put up for sale, following the resignation of its chairman Kelvin MacKenzie last month, who departed after defeat by a “mountain of debt.”

The company, which commands control of several high-profile titles including Front and Hotdog, is “highly unlikely” to deliver much return for shareholders following the sale of its magazine assets, with the firm today delivering the bad news to investors.

“Shareholders should be aware that, owing to the level of the Company’s indebtedness and other liabilities, following any sale of the trading activities in the Group it is highly unlikely that there will be any value attributable to the equity in the Company,” a statement to the City read.

MacKenzie’s resignation in December (see Mackenzie Steps Down From Highbury) followed long-running restructuring talks earlier in the year, and the sale of 38 magazine titles to rival publisher, Future, for a cash consideration of £30.5 million (see Highbury Shareholders Approve Magazine Sale).

The publisher currently holds around 62 titles, although it is not known which rival companies are preparing bids for its portfolio.

Highbury House Communications: www.hhc.co.uk