Incisive Media takes on Risk with £35m purchase

Peter Field, a former journalist with Euromoney magazine, is to make about £30m after selling the company he founded to Incisive Media.

Incisive has been in talks for months with Risk Waters, a private company started by Mr Field 15 years ago. Incisive shares were suspended in November, pending announcement of the deal, which will more than double the size of the business-to-business publisher. However, the £35.2m cash purchase was held up until the tax implications for Mr Field could be resolved.

Mr Field, 59, wanted to make sure the Inland Revenue would not take 40 per cent of the money he makes by selling up. Under tapering relief on capital gains tax, he has agreed to pay the taxman just 10 per cent of the windfall.

To finance the acquisition, Incisive has a placing and open offer for new shares, to raise up to £16.1m, and it has bank facilities of £22.5m to tap. The company last year walked away from a proposed £60m deal to acquire Pearson's business magazines, including Investors Chronicle. Incisive shares are expected to float again today.

Tim Weller, Incisive's chief executive, said Risk, which has publications on the derivatives and financial technology markets, was a "perfect fit" for his group but this only signalled the start of his company's acquisition ambitions. Mr Weller started Incisive eight years ago with one magazine, Investment Week. It now also publishes Bloomberg Money and Your Mortgage. "This gives us real scale, including offices in New York and Hong Kong. It really is a transforming acquisition for us. We want to be the business that is the consolidator in this sector," Mr Weller said.

After the Risk deal is completed, Mr Weller, 41, will have a 10 per cent stake in the combined group. Incisive also reported 2002 results yesterday, which showed pre-tax profits, before goodwill and exceptionals, up 41 per cent at £4.1m. Turnover was flat at £24m.

Mr Field, who owns 85 per cent of Risk, will continue working for the group, although he said there was no commitment that keeps him there. He said the company had started looking for outside capital 18 months ago, to finance expansion, and this had led to approaches.

He started Risk magazine as a project for Emap in 1987 but the publication was closed a few months later, following the stock market crash of that year and he was made redundant. He used £5,000 from his redundancy money to buy Risk from Emap and has run and grown the business ever since. Last year Risk Waters made profits of £1.5m on turnover of £17.5m.

News
Emma Watson has become the latest target of the 4Chan nude hacking scandal
peopleThreats follows actress' speech on feminism and equality at the UN
Life and Style
food + drink
Arts and Entertainment
British actor Idris Elba is also a DJ and rapper who played Ibiza last summer
film
Life and Style
tech
PROMOTED VIDEO
Arts and Entertainment
Geena Davis, founder and chair of the Geena Davis Institute on Gender in Media
tv
News
Alan Bennett criticised the lack of fairness in British society encapsulated by the private school system
peopleBut he does like Stewart Lee
Sport
John Terry, Frank Lampard
footballChelsea captain sends signed shirt to fan whose mum had died
Arts and Entertainment
Rita Ora will replace Kylie Minogue as a judge on The Voice 2015
tv
Life and Style
tech
Life and Style
Alan Turing, who was convicted of gross indecency in 1952, was granted a royal pardon last year
life
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
Sheridan Smith as Cilla Black and Ed Stoppard as her manager Brian Epstein
tvCilla Episode 2 review: Grit under the glamour in part two of biopic series starring Sheridan Smith
Life and Style
life
Arts and Entertainment
Tennis player Andy Murray's mum Judy has been paired with Anton du Beke for Strictly Come Dancing. 'I'm absolutely delighted,' she said.
tvJudy Murray 'struggling' to let Anton Du Beke take control on Strictly
Life and Style
Vote with your wallet: the app can help shoppers feel more informed about items on sale
lifeNew app reveals political leanings of food companies
Sport
David Moyes and Louis van Gaal
football
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

IT Project manager - Web E-commerce

£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...

Trainee / Experienced Recruitment Consultants

£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...

Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...

Trainee Recruitment Consultants - Banking & Finance

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Day In a Page

Secret politics of the weekly shop

The politics of the weekly shop

New app reveals political leanings of food companies
Beam me up, Scottie!

Beam me up, Scottie!

Celebrity Trekkies from Alex Salmond to Barack Obama
Beware Wet Paint: The ICA's latest ambitious exhibition

Beware Wet Paint

The ICA's latest ambitious exhibition
Pink Floyd have produced some of rock's greatest ever album covers

Pink Floyd have produced some of rock's greatest ever album covers

Can 'The Endless River' carry on the tradition?
Sanctuary for the suicidal

Sanctuary for the suicidal

One mother's story of how London charity Maytree helped her son with his depression
A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits