U.K.-based International Boat Industry magazine and its associated websites and newsletters were acquired by Boating Communications Ltd. from Time Inc. (UK) Ltd.
The acquisition follows Time Inc. UK’s decision in February to close its business-to-business marine division.
Subsequently, director Nick Hopkinson and three former members of the staff — Edward Slack, Philip Pereira and Philippa Drysdale — negotiated an asset purchase through their company, Boating Communications Ltd., which was accepted by Time Inc. UK and ensures the future of IBI and IBI Plus.
All four have been appointed directors of Boating Communications Ltd. and will have roles similar to the ones they had with Time Inc. UK before the closing occurred.
“With no interruption to its publishing schedule, we are intent on providing the level of drive and investment in the business to ensure IBI remains a vital link and information source in print and online for the global leisure marine industry,” Hopkinson said in a statement.
Hopkinson helped launch IBI in 1968 and was the sole proprietor of the publication for several years.
“We are also confident that following several very tough years the market is finally beginning to show signs of sustained growth, which justifies this investment,” he said. “I am looking forward to seeing IBI flourish during the next 50 years, or at least a good part of it!”
“Being part of large multinational corporations in the past hasn’t always been in IBI’s best interest, so it’s good to return to our roots as an independent publisher,” Hopkinson added.
Boating Communications Ltd. also acquired the trademarks and publishing rights to Superyacht Business magazine, together with its website and newsletter, and a further announcement about the future of the title is expected shortly.