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Readers Digest

Reader's Digest's future secured

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By The Drum Team, Editorial

April 9, 2010 | 2 min read

A £13m management buyout of Reader's Digest has been completed, after it went into administration in February as a result of significant UK pension liabilities.

Managing director Chris Spratling will lead the management team as the future of the business, which employs 100 people and is widely recognised as one of the UK's leading marketers of magazines, books, music, video, financial services and healthcare products, is secured.

Commenting on the MBO, Spratling said: "We are delighted to have completed the buyout today and in doing so to have secured the future of a tremendously exciting business. We are now fully funded and debt free and can now focus on bringing our customers all the services and products that they have such huge affection for. The iconic magazine and prize draw will continue but it should be remembered that these are just a part of a much larger business. There are tremendous opportunities for our businesses in financial services, books and healthcare and significant plans to expand all aspects of the Reader's Digest business in the UK."

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