LONDON: MXC Capital Limited, the technology focused adviser and investor, has made a £4.9 million investment into Channel Islands Media Group Limited (CIMG), its newly established joint venture with the Bailiwick Investment Limited, a specialist fund which is administered and managed by Ravenscroft Limited, with whom MXC has an existing partnership.
The Investment has enabled CIMG to complete the acquisition of The Guernsey Press Company Limited and its wholly owned subsidiary, Guernsey Distribution Limited.
The Guernsey Press is a key source of news and information across the Bailiwick of Guernsey, offering multi-media platforms such as the website and app “GY4U”, as well as the production and distribution of the local newspaper and the wholesale and distribution of national newspapers and magazines. Using technology, the intention is to enhance the content and market share of both the website and app and to provide a full managed service for the digital needs of the Guernsey business community.
MXC and the Bailiwick have each made an equal equity investment into CIMG to fund the Acquisition. Following the Investment, MXC holds 50% of the voting rights and issued share capital of CIMG.
Ian Smith, CEO of MXC, commented: “There is a fabulous opportunity to make the GY4U portal the go to destination for all things Guernsey. As a captive market, unlike the UK, we can create a single source for news, user specific content, loyalty schemes and of course the obvious Automotive, Housing and Jobs market. The media landscape has changed significantly in the last decade and technology has been at the heart of those changes. We are looking forward to being part of such a respected Guernsey name and helping it to further embrace technology so that it drives value for both users and investors.”