Media group Bonhill has received a non-binding offer of $6.5million (£5.4million) from an unnamed US buyer for InvestmentNews, its weekly publication aimed at financial advisers.
The company also told investors on Monday that efforts to sell off its UK and Asia operations to a privately-owned UK media company were ‘progressing well’.
Bonhill announced a strategic review in October after warning it would slump to a loss as clients increasingly cut back on marketing spend.
Bonhill has received an offer for InvestmentNews, its publication aimed at financial advisers
The London-based group produces magazines for wealth managers, such as Portfolio Adviser, and organises events for the financial sector.
However, like companies across the media sector, the group has suffered a fall in marketing spend by firms that normally advertise on their publications.
In October it said it was considering a formal sale, then in December it received a conditional offer for worth £6.6million in cash for the assets and trade of its UK and Asia businesses.
Today, the London-based group said it had abandoned plans for a formal sale process for the whole company.
It is instead focusing on the sale of InvestmentNews and its UK and Asia business, although it stressed there was no certainty any of the two deals would be concluded.
Commenting on the potential sale of InvestmentNews, it said: ‘Subject to the completion of satisfactory due diligence, the company expects to sign a conditional agreement with the purchaser in March 2023.
‘A further announcement will be made in due course.’
Bonhill also lowered its revenues forecasts once again, as ‘certain clients continued to delay the release of planned marketing spend’.
As a result, the company now expects full-year revenue of £13.6million, down from previously lowered expectations of £15million.
Bonhill shares surged almost 6 per cent to 7.40p in early trade on Monday, but they remain down by around 25 per cent over the last year.
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