B2B publisher Centaur Media has sold off its financial services division, including weekly newspaper Money Marketing, for £5m.
Business media publisher Metropolis Group bought the division, which also includes financial website Mortgage Strategy, financial services digital platform Headline Money, research business Platforums and marketing service Taxbriefs.
Metropolis already owns What Mortgage and Mortgage Finance Gazette and around 30 other B2B titles including Drapers, Property Week, Local Government Chronicle, New Civil Engineer, Nursing Times and Motor Trader.
Robert Marr, Metropolis Group chief executive, said: “The acquisition continues the development of Metropolis and aligns with our vision of delivering sustainable profitable futures for well-managed media brands.
“We look forward to working together with the financial services team to further develop these long-standing market-leading brands.”
In its preliminary full-year results for 2018, published last month, Centaur revealed its financial services division had seen an increased adjusted operating profit of £1.2m, up from £0.6m.
Centaur appointed Cavendish Corporate Finance to advise on the sale in November, and announced the £5m cash acquisition on Saturday.
The company revealed plans in October to simplify its structure and focus management resources on a smaller number of its leading brands by selling off some of its smaller businesses.
Centaur chief executive Andria Vidler said: “This disposal continues the simplification of Centaur, further reducing our advertising exposure and allowing us to focus on developing products and services with stronger recurring revenues.
“A simpler group structure will allow us to deliver efficiencies and other operational benefits.
“Our financial services portfolio which includes Money Marketing has played a key role in the development of Centaur over the years, and I want to thank the teams for all their hard work. I am pleased that Metropolis sees the potential to develop the business further.”
Centaur is also looking to sell off monthly magazine The Lawyer, but Press Gazette understands discussions are still ongoing.
In its latest results, Centaur said its professional services division, which includes The Lawyer, had seen an increase in adjusted operating profit of 28 per cent, up from £1.8m in 2017 to £2.3m.
The company reported an increase in group revenue of 9 per cent to £70.5m and an underlying revenue decline of 1.6 per cent.
Centaur’s remaining brands include Marketing Week, The Engineer and Fashion and Beauty Monitor.