Cooper Young – the accountancy firm handling the administration of Vitality Publishing – has today said it is hopeful the next edition of Loaded magazine will print.
The publishing group – which also boasts Superbike among its assets – entered administration last week and owed creditors £976,819 as at 30 September 2011.
Speaking to Insolvency News, Zafar Iqbal, insolvency practitioner at Cooper Young, said he is looking to sell the business as a going concern and has now received interest from two parties.
He explained: “I am looking to sell the assets and goodwill as well as transferring the employees over to whomever buys it.
“There is no issue [of Loaded] due until the end of the month although I don’t have sufficient funds [to publish] so the new buyer will have to fund it.”
Vitality Publishing acquired Loaded and three other titles from IPC Publishing in 2010 after a complete overhaul of IPC’s print titles which led to a whole host of magazines leaving the stable.
In the nine months to the end of September, Vitality Publishing declared revenues of £4.2 million and a pre-tax profit of £30,858.
In recent days, several UK print magazine publishers have confirmed consultation periods with regards to the streamlining of editorial operations.