A regional publisher has bought two magazines in a “strategic fit” with 13 local newspapers it also recently purchased.
Iliffe Media has completed the acquisition of Velvet and IQ magazines, which are based in Newmarket, for an undisclosed fee.
Velvet is a monthly consumer lifestyle magazine for Suffolk and Cambridgeshire, while IQ is a quarterly business publication covering the same counties.
The purchases from Cubiqdesign Ltd follow Iliffe’s acquisition of 13 newspapers in East Anglia and the East Midlands from Johnston Press.
Edward Iliffe, chief executive of Iliffe Media, said: “We are delighted to have acquired these well-respected and established local magazines.
“With our long heritage as an independent family-run media business, we firmly believe in the future of local publishing across all platforms and these magazines are a natural extension to our burgeoning group of titles.”
John Treby, managing director of Cubiqdesign, added: “With the continued growth of our agency, the acquisition by Iliffe Media, will allow us to focus on our core services including brand, advertising, marketing and PR.
“Ensuring Velvet and IQ found a new home to expand and be nurtured was key for us and we know Iliffe Media is the right place to take these publications forward.”
Ricky Allan, currently managing director of Iliffe, will take responsibility for these titles.