As announced earlier this week, at the time of Highbury’s financial results, the group will pay £8.0 million upfront in cash and shares, followed by a further payment of up to £2.0 million depending on the financial performance of Cabal in the year to 30 June 2003.
Highbury says that Front will broaden the group’s existing portfolio through the addition of a successful title in the men’s lifestyle sector and Cabal’s Real Homes Magazines will complement its existing Home And Garden portfolio.
Cabal’s management team, headed by founder Sally O’Sullivan, will also join Highbury House’s consumer magazine publishing operation.
Ian Fletcher, executive chairman of Highbury House, said: “We are delighted to announce the acquisition of Cabal. This will strengthen our existing consumer business that has continued to perform well over the last year.”
