Monday 10th December 2007

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VCT funding backs Heritage House acquisition

Heritage House Media, which produces guides and souvenirs for stately homes, museums and other historical institutions, has received a further round of funding from its existing investors. A total investment of £775,000 has been committed by VCTs managed by IBIS Capital, Foresight Group and Calculus Capital.

IBIS Media VCT 1, Foresight VCTs 1 and 2, and the Neptune-Calculus Income and Growth VCT invested in a management buy-in at Heritage House in September, committing a total of £2.8 million at that time.

This smaller financing round enables Heritage House to complete the acquisition of guidebook publisher Jarrold Publishing from its parent company, Pitkin Publishing. Jarrold produces guides to 250 British visitor attractions including Blenheim Palace, London's St Paul’s Cathedral and Bristol Zoo.

The acquisition of Jarrold continues Heritage House’s buy-and-build strategy following its acquisition of Hudson’s Historic Houses and Gardens earlier this year.

IBIS Media VCT 1 contributed £175,000 to the funding round, its seventh investment since its launch two years ago. Its other investments have included PR and marketing group Freshwater UK and Get Me Media, publisher of an online directory of marketing and media spend ideas.

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