Chrysalis agrees Books sale

Date: Monday 07 Nov 2005

Troubled music group Chrysalis announced it has agreed a conditional sale of its loss making book division to an MBO team.

Anova Books Company, a new company formed by Robin Wood, Chrysalis Books’ chief executive and senior managers of the division.

“The terms of the disposal provide for the acquisition of Chrysalis Books, together with the benefit of the outstanding inter-company debt owed by Chrysalis Books Group to Chrysalis Group at the date of the acquisition, for a purchase consideration of £12.5m,” said the group.

Chrysalis Group chief executive Richard Huntingford said, “The exit from our loss-making and non-core books division achieves our objective of focusing Chrysalis Group on our core radio and music businesses where we enjoy strong market positions that offer good growth prospects and potential for developing long-term shareholder value.”

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