The administrators of a collapsed Glasgow rock music media business have sold a raft of its assets in an £800,000 deal.
Team Rock called in administrators from FRP Advisory last month after battling losses for some time, in a move that saw 73 staff lose their jobs just before Christmas.
FRP said today that international media group Future, owner of the Guitarist and PC Gamer titles, has now acquired the magazines, domain names, events, radio licence and websites of Classic Rock, Metal Hammer, Prog, Blues – along with the Golden Gods event operation – for £800,000.
Tom MacLennan, joint administrator and partner at FRP Advisory, said: “We are delighted to have sold the assets of Team Rock to Future and wish the new owners every success. The deal took just three weeks to conclude, during which time FRP Advisory received extensive support for our efforts to find a buyer, for which we are very grateful.”
Future chief executive Zillah Byng-Thorne added: “The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy. It further reinforces our creation of a leading global specialist media platform with data at its heart, which we are monetising through diversified revenue streams.
“We look forward to developing further these iconic and much-loved brands and to continuing to serve their communities of dedicated enthusiasts around the world.”