IPC Media has completed the sale of Classic Boat and Racecar Engineering to independent publisher The Chelsea Magazine Company.
The sale takes to 20 the number of niche and specialist magazine IPC has sold off to smaller publishing houses in the last three months following a strategic review instigated at the start of the year.
Chelsea Magazine's interest in a third IPC title, World Soccer magazine, cooled as talks between to the two companies over a likely sale progressed in recent months. It's not yet known if IPC will seek an alternative buyer.
Chelsea Magazine's purchase of Classic Boat marks the further development of its nautical portfolio as it comes on the heels of publisher announcing its purchase of Yachts and Yachting from GNM Media.
'We are thrilled to have added three such prestigious and interesting titles to our portfolio in the space of a week,'said Paul Dobson, managing director of Chelsea Magazines.
'They will sit perfectly alongside each otherâ€¦We expect to retain the experienced editorial teams on all three titles, and we believe our publishing flair and attention to detail will help to improve the content and quality of what are already first-rate magazines."
According to the most recent figures from the Audit Bureau of Circulations, Classic Boat sold an average of 12,012 copies each month last year. Racecar Engineering is not audited by the ABC.
Purchasing these titles has swelled Chelsea Magazine's roster to nine publications; including holiday magazine Cruise International, Artists & Illustrators and Britain, the official magazine of Visit Britain.
A statement from IPC said the two magazines – currently published within the IPC Inspire portfolio – would transfer to Chelsea Magazines with immediate effect. There will be no interruption to the publishing schedule of either title. Staff will also transfer to Chelsea with immediate effect.
Paul Williams, IPC Inspire managing director, said: "Chelsea is a passionate independent publisher, and will provide a great new home for both these brands.
"I'd like to thank the teams at Classic Boat and Racecar Engineering for their hard work and commitment throughout the review and acquisition process. They have done a brilliant job and I wish them all the very best for the future."