IPC To Invest £55m In Internet Ventures

IPC Magazines confirmed today that over the next two years it plans to invest up to £25 million in IPC Electric, a new company set up to develop its own internet ventures.

Funded entirely by new equity provided by the company’s existing shareholders led by Cinven, the team intends to expand on the nine magazine websites already in operation. Chief executive Mike Matthew said: “We have already built a rich portfolio of assets on the world wide web. The IPC Electric team have the skills and the resources to place the company at the forefront of e-commerce in the UK.”

IPC was unable to give details of its plans today but confirmed the new operations would be entirely in-house. Reports earlier in the month confirmed former Freemans general manager Lucie Scott as general manager of IPC Electric and it is understood her plans include an upmarket online shopping venture targeted specifically at women.

In the latest ABC Circulation Audit of women’s monthly magazines the company was one of only a few to make a significant gain with a major title as Marie Claire rose by 5% to a circulation of 21,403 (see Women’s Monthlies Suffer Widespread Sales Decline)

IPC also confirmed it will invest up to £30 million in acquisitions over the next two years.

IPC Magazines: 0171 261 6575