It was reported last week that IFG had received a takeover approach (see
Dennis Linked With Move For IFG) but at the time, the company refused to elaborate on the identity of the bidder.
Dennis Publishing, which already has a 6.57% stake in I Feel Good Holdings, values the off-the-wall publisher at £5.1 million. In its full year results, the company posted losses of £0.2 million down from £1.2 million in 2001 (see IFG Cuts Losses As Takeover Approach Is Made).
Despite its improving financial situation, IFG remained disappointed by the failure of its men’s magazine Jack to reach management sales targets. Launched last year as an antidote for the ailing men’s lifestyle sector (see Loss Narrows At IFG As New Mag Is Launched), the pocket-sized publication has been unable to win over the British male and was due for a thorough revamp. The other titles on the move are Viz, Bizarre, Fortean Times and Leeds, Leeds, Leeds.
Brown, the chief executive of IFG, said: “Being part of the Dennis Group will provide IFG with the additional muscle that the company needs to continue making real progress. At the same time I believe that our portfolio of magazines will be of great benefit to the Dennis Group.”
Felix Dennis commented: “I believe that IFG has a positive future under our ownership, and I look forward to working with James Brown and the hugely talented team that he has built around him.”
