Barclays provides debt finance in BBC Magazines deal

THE Midlands operation of Barclays Corporate was involved in the deal by Exponent Private Equity to acquire a substantial chunk of the BBC Magazines portfolio.

Barclays provided senior debt facilities to support Exponent’s £121m acquisition and license publishing agreement of 33 UK magazine titles.

The deal, which includes well-known titles such as Top Gear and Lonely Planet, sees Exponent acquire 11 BBC Worldwide non-branded magazines outright, including Radio Times..

Exponent, which owns internet jobs site Gorkana, also has the rights to publish a further 18 BBC-branded titles under a licensing deal and a contract publishing arrangement on four other magazines, including Top Gear and Good Food, which are being retained by BBC Worldwide.

The deal is expected to complete in the autumn once competition clearance has been received when around 650 staff, based at two sites in London and Bristol, will transfer over to Exponent.

Mike Giddings, director in Barclays Corporate’s Midlands debt finance team, led the deal.

He said: “We are delighted to have provided senior debt facilities to support Exponent’s acquisition of BBC Magazines.

“The business has an unrivalled portfolio of titles, a first class management team and a very strong financial track record.

“We have an excellent relationship with Exponent and look forward to working with them and the BBC Magazines management team as they continue to develop the business.”