£12m funding package helps business strengthen position and eye acquisitions
Media and events business Metropolis Group has secured a £12m funding package providing it with the “firepower” to fund acquisitions and further strengthen its balance sheet amid the COVID-19 pandemic.
London-based Metropolis has agreed the refinancing with Lloyds Bank, its long-term banking partner.
The funding means Metropolis can further strengthen its position as COVID-19 poses unprecedented challenges to British businesses, as well as providing additional capital for future bolt-on acquisitions.
The group acquired the EMAP stable of B2B media brands – which includes Construction News, Nursing Times and Architects Journal – from Ascential in 2017, to create a combined portfolio of 40 leading B2B brands and three B2C brands, including an events business which is behind the World Architecture Festival, Quality Food Awards, RESI Convention and 130 other face-to-face events. Last year it also acquired Centaur Media’s financial services division, including Money Marketing and Platforum, and separately acquired PTQ and Digital Refining.
Metropolis was founded in 1994 by Jonathan Mills, who remains non-executive chairman. The group has turnover of £60m and employs 550 people globally.
Robert Marr, chief executive at Metropolis Group, said: “At a time when the whole UK economy is being shaken by COVID-19, our priority has been to ensure our balance sheet continues to have the strength to withstand the challenges this year. By agreeing this refinancing, we have the reassurance that Lloyds Bank remains our supportive partner for the future.
“Following the successful integration of the EMAP and Centaur brands into our group, the new funding package also provides us with the additional firepower in reserve to make further strategic acquisitions to drive growth and add value to our business as and when they come to market.”
Declan Mulcahy, head of technology, media and telecoms for Mid Corporate at Lloyds Bank, added: “Metropolis has always benefited from a management team that builds value in its brands to drive long-term, sustainable growth.
“The team has recognised that now is the right time to work in partnership with us to put in place the facilities to help the group safely navigate the current choppy waters and also be in a position to take advantage of strategic acquisition opportunities in the market.”
