Administrators at BDO complete sale of City AM

Danny Dartnaill, Neville Side and James Stephen, business restructuring partners at BDO, were appointed Joint Administrators of City AM on [Wednesday 26 July 2023].

The Joint Administrators completed a sale of the business to THG Plc, formerly The Hut Group plc, immediately following their appointment.

Following the sale, the free London business newspaper will continue to trade under the City AM brand. As is usual in such sales, all [41] employees have been transferred to the buyer, with their employment rights protected.

The buyer, THG Plc, an e-commerce retail company headquartered in Manchester, owns online retail sites Lookfantastic, Glossybox, Zavvi and Coggles, as well as beauty and wellbeing brands including Myprotein, ESPA and Illamasqua.

Commenting on the sale, BDO partner Danny Dartnaill said: “The impact of Covid and changing commuter habits, combined with reductions in traditional advertising revenues, significantly affected City AM’s business.

“The sale of the business to THG is a positive one. It provides the best outcome for creditors in the circumstances, as well as saving the jobs of all staff and preserving the City AM brand.”

ENDS

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