RCapital to acquire Archant through CVA

The GP makes investments of £2-20m in businesses with turnovers of £5-200m, and injects capital into companies through a mix of debt and equity.

The Pension Protection Fund (PPF) will also acquire a stake and will take over the group's defined benefit contribution pension scheme, according to a report by the Times. The company has a pension deficit of £10-99m, according to a report by Unquote sister publication Mergermarket.

Executive chairman Simon Bax will remain with Archant following the transaction.

Archant's board said several options including a sale had been explored but a CVA was chosen as the best outcome for stakeholders and creditors.

In July 2020, the firm received bids from competitors Newsquest and National World, as well as turnaround firm Endless, following the decision to engage KPMG to seek fresh funding for the family-owned business.

The CVA must be agreed upon by 75% of Archant's creditors, which include PPF, HSBC and HM Revenue and Customs, the report said.

Company
Norwich-based Archant's publications include the New European, the Hackney Gazette, the Eastern Daily Press, Ham & High and the Beccles & Bungay Journal. For 2018, the company reported revenues of £87.3m, up from £87.2m in 2017. The group employed 1,120 staff as of 31 December 2018 and was founded in 2000.

People
Archant – Simon Bax (executive chairman).

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