LONDON, UK: Bonhill Group plc (AIM: BONH), a leading B2B media business specialising in financial services providing media, events and data & analytics, announces the sale of its Business Solutions & Governance (BSG) division for cash consideration of £723,000 to Stubben Edge Group Limited.

The BSG division comprises brands, including SmallBusiness.co.uk, GrowthBusiness.co.uk, Information-Age.com, and DiversityQ which includes the ‘Women in…’ events series. In FY 2021, the BSG division reported audited revenues of approximately £2.4 million and EBITDA of approximately £0.4 million. It currently employs approximately 20 staff.

The consideration payable comprises an initial payment of £650,000 for the core trade and assets of the division and the balance of £73,000 will be payable to reimburse the Company for any deposits paid to secure venues less any advanced revenue received. The Company intends to invest the net proceeds of the Sale in:

• Live events;
• Global ESG brand extensions and initiatives;
• Content marketing solutions and video creation capability; and
• Working capital purposes.

The sale will also enable the Group to achieve approximately £0.6 million in annual cost savings from streamlining central support headcount, reduced office space and lower IT costs. The full benefit of these will be achieved in 2023. Furthermore, following the Sale, the Group will be more focused, less capital intensive, less complex and will generate higher margins.

Patrick Ponsford, Bonhill’s Group CEO, commented: “We are pleased to have concluded the sale of the brands in the Business Solutions Division. Following completion, Bonhill is a global financial services specialist, expanding its product offerings and building expertise in its core markets in the US, UK, Europe and Asia.”

Chris Kenning, Stubben Edge’s Group CEO, commented: “Customer tastes are changing quicker than the financial services industry is. Bringing together the BSG capabilities to offer insight, analytics and high-quality content with Stubben Edge Group’s Broker and IFA network creates a unique proposition to help solve some of the problems the SME market faces.”