An approach has been made that may lead to the takeover of James Brown’s company I Feel Good, publisher of the award-winning men’s magazine Jack.
IFG also publishes Bizarre, Viz, Fortean Times and the official magazine for Leeds FC, Leeds, Leeds, Leeds.
In a statement to the London Stock Exchange, IFG said: “The company announces that it has received an approach that may or may not lead to an offer being made for the company.”
The move comes weeks after brokers warned that IFG’s pending financial results could disappoint and said Jack had yet to achieve the sale it needed to break even. Brokers Evolution Beeson Gregory said it needed to sell 50,000 to 70,000 a month to make money -significantly higher than its original target of 45,000.
IFG said this week it planned to stick to its original target and was on course to achieve that sale by the next ABC results. Managing director Tom Gleeson said Evolution were “not our brokers; they are just making assumptions. In terms of what we have got to get to break even, we are putting out our own year-end figures in a week or so and we have had no reason to change our targets.” He declined to comment on a takeover. “We are a public company so we are inevitably a bid target. Essentially we are always on the market,” he said.
Highbury House, which last month took over Cabal Communications, refused to rule itself out as a bidder. Chief executive Ian Fletcher said: “IFG is a very interesting business in lots of ways.” Dennis Publishing is another potential bidder.
By Ruth Addicott