The Spectator: RedbirdIMI sale forces magazine into the red for the first time since 2012
The Spectator crashed into the red for the first time in more than a decade after its initial sale to RedbirdIMI, it has been revealed.
The magazine has posted a pre-tax loss of £6.8m for 2023, according to delayed accounts filed with Companies House after the sale cost it £6.4m.
The loss came after the current affairs publication reported a pre-tax profit of £2.6m in the final full year under the ownership of the billionaire Barclay family.
The costs involved in the sale of The Spectator by RedbirdIMI to Sir Paul Marshall have not yet been revealed.
Sir Paul, who is an investor in GB News, acquired the publication in September 2024 for £100m.
According to the accounts, the £6.4m of costs incurred during 2023 related to payments to receivers, independent directors, bankers, lawyers, consultants as well as employees.
The pre-tax loss of £6.9m is the first time The Spectator has slipped into the red since the £570,000 loss it reported in 2012.
The accounts also show that its turnover dipped from £20.8m to £19.2m in 2023.
A ‘turbulent time’ for The Spectator
A statement signed off by the board said: “The group continues to concentrate as a strong subscription-based business.
“It invested significantly in 2023 across its website, mobile app and subscription platforms to improve the quality of service to existing subscribers and new visitors.”
It added: “The period represents a turbulent time at a group level because the parent company of the prior owners, and its subsidiaries, went into receivership.”
On its future, The Spectator added: “The group remains wholly committed to delivering high-quality journalism across all print and digital platforms.
“In 2024 and beyond the group plans to grow turnover and subscription volumes.
“The ongoing focus will be on digital enhancements across both its websites and mobile apps, to enhance the user experience.
“There will also be continuing efforts to maintain advertising revenues in a decline market.”