Newsteam Group Ltd has announced that it has reached agreement with InterDirect Magazines Ltd, the direct mail division of the InterGo Group, to acquire the eCommerce magazine platform, MagazineSupermarket.co.uk.
Launched in January 2022, MagazineSupermarket.co.uk retails a range of magazines direct to consumers and businesses, including flexible subscription capabilities and a digital offering for selected brands. Newsteam says MagazineSupermarket boasts strong growth potential and will significantly enhance its magazine offering to its growing customer base. The deal is expected to complete at the end of June 2024.
Commenting on the acquisition, Newsteam's COO, Jon Kennett, says: "I am delighted that we have reached agreement with InterDirect Magazines Ltd to acquire the platform and associated assets. Our expanding customer base holds huge potential for us to accelerate our growth and further enhance our offer to our valued customers."
InterGo Group Managing Director, John Bardsley, commented: "The Newsteam business is the ideal new home for the MagazineSupermarket platform and will open-up a plethora of new opportunities to expand on the significant growth already achieved since launch. We look forward to working with Newsteam to ensure a seamless migration over the coming weeks."
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