Bath-based media group Future today continued its major restructuring with the sale of another batch of titles to reduce debt.
The firm today confirmed it had exchanged contracts to offload its auto titles and Triathlon Plus magazine to Kelsey Publishing for up to £2.9m. 
The move follows the £24m sale of most of Future’s sport and craft titles to Bristol-based rival Immediate Media in May.
The portfolio included in today’s deal takes in Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, Mini Magazine, Triathlon Plus, Classic Ford Show, Ford Fair, Japfest, Japfest 2: The Evolution, Performance Vauxhall Show, TRAX: The Ultimate Performance Car Event and associated websites.
Kent-based Kelsey’s portfolio spans home and lifestyle, pets, motoring and aviation with titles as diverse as GoodHomes, Psychologies Magazine, Small Furry Pets, Classic Car Mart and Jets Monthly.
In the year to September 30, 2013 the portfolio included in today’s deal generated pre-tax profits £300,000 on revenues of £5m. Future said the gross assets of the portfolio on March 31 were approximately £300,000.
Future chief executive Zillah Byng-Maddick said the sale was consistent with its strategy to focus on “core verticals with an emphasis on the consumer technology market”.
Kelsey will pay Future £2.1m, made up of £1.8m in cash and £300,000 of magazine subscriptions deferred revenue to be retained by Future. A further payment of up to £800,000 is payable by September 30 next year based on revenue performance.
The deal is scheduled to complete by the end of next month. The net proceeds of sale will be used to reduce Future’s external borrowings. No details were released of any job losses associated with today’s deal.
Earlier this month Future admitted its major restructuring and job cuts would not turn around its finances until at least its next financial year.
In an interim management statement released to the London Stock Exchange, it said it was making “good progress” with its transformation programme, which is on track to axe 170 UK jobs on top of 40 already shed in the US.
Future, whose print titles range from Total Film to Xbox: The Official Magazine and websites such as musicradar.com, said the job cuts and other savings are expected to reduce its cost base by £6m in its next financial year, which starts on October 1.
Future shares rose following today's announcement and by lunchtime had increased by 3.03%, of 0.25p, to 8.5p.
