Major Celtic shareholder sells Glasgow media firm for £32m

Mr Trainer, whose 10.45 per cent stake makes him the third largest shareholder in Celtic, sold the business to London-based Ocean Outdoor in a deal that valued the Glasgow-based company at £32 million.

Mr Trainer was the controlling party of Forrest Media through his ownership of 100 per cent of the shares in holding company Forrest Group, and the firm had no debts.

Following the sale, Forrest Media, which employs around 20 staff in Glasgow, will continue to be run from its base there under managing director Marc Keenan as part of Ocean’s new Scottish division.

With prominent sites in Glasgow, Edinburgh, Newcastle and Manchester, the business is a major player in digital “out of home” advertising in Scotland and the north of England and reported net revenue of £8.4m and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £3m for 2017, according to unaudited accounts.

Buyer, Ocean Outdoor, which itself has an enterprise value of £200m, said combining Forrest’s standing in Scotland and the north of England with its presence in London, Birmingham, Manchester, Leeds, Liverpool, Bristol and Nottingham would give it a market-leading position across the UK.

Mr Trainer, who becomes chairman of Ocean Scotland, said Forrest Group will continue to own the outdoor advertising sites further to the deal, with its Forrest Securities division leasing them to Ocean on a long-term basis.

The sale of Forrest Media should allow Mr Trainer more time to focus on his other business interests under the Forrest Group banner, including Forrest Developments, which delivers commercial property projects for major retailers, and Forrest Displays, which is focused on giant advertising banners, while Forrest Securities is the largest freehold landlord of outdoor advertising sites in Scotland.

Reflecting on the deal, Mr Trainer said: “Forrest is now part of a very strong UK-wide business that is the clear market leader in that sector. Outdoor as an industry is competing with digital media and it has to have a strong platform. That’s what this does. It’s a real win-win for everybody.”

Shares in Ocean Outdoor have since been suspended pending completion of the deal.