FRP sells Team Rock assets in £800,000 deal

FRP, the administrators of collapsed Glasgow rock music media business Team Rock have sold a raft of its assets in an £800,000 transaction.

The deal has seen Bath-based publishing company Future acquire the Classic Rock, Metal Hammer and Prog music magazine titles.

The company has bought the magazines, domain names, events, radio licence and websites of Classic Rock, Metal Hammer, Prog, Blues and the Golden Gods from the administrators.

Team Rock entered administration in December 2016 with 73 staff losing their jobs at the £6 million turnover business just before Christmas..

Future had previously sold the Classic Rock, Metal Hammer and Prog brands to Team Rock, which was founded by Billy Anderson, the former Scottish MD of Real Radio, for £10.2 million in 2013.

Tom MacLennan, joint administrator and partner with FRP Advisory, said: “We are delighted to have sold the assets of Team Rock Ltd to Future plc and wish the new owners every success. The deal took just three weeks to conclude, during which time FRP Advisory received extensive support for our efforts to find a buyer, for which we are very grateful.”

Zillah Byng-Thorne, Future chief executive, said: “The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy.

“It further reinforces our creation of a leading global specialist media platform with data at its heart, which we are monetising through diversified revenue streams.

“We look forward to developing further these iconic and much-loved brands and to continuing to serve their communities of dedicated enthusiasts around the world.”