Heritage House raises £2.8 million
Article Date: Sep 13 2007Foresight Venture Partners has completed a £2.8 million management buy-in of Heritage House, a newly formed media company focused on the heritage sector, including stately homes, castles, gardens, museums, galleries and other historical institutions.
Foresight has invested £1.4 million through Foresight VCT 2 and Foresight VCT 3, alongside IBIS Media VCT and Calculus Capital which have committed £825,000 and £600,000 respectively. Management has also made a significant contribution.
Heritage intends to embark on a string of acquisitions and capitalise on the growing demand for a digital media presence in the heritage sector by developing an online offering.
Two acquisitions have already been completed: Hudson’s Historic Houses and Gardens, a publisher of guides to historic houses, and the assets of Heritage House Group, a provider of publishing services and souvenirs for stately homes and heritage sites.
The management team of Heritage, Kelvin Ladbrook and Peter Diggles, each have more than 20 years’ industry experience at media companies including United News & Media, Reed Elsevier and Wolters Kluwer.
