The disposal follows Centaur's decision last October to explore the divestment of its smaller businesses in order to simplify the Group's structure and to focus management resources on its leading brands, says the company.
Metropolis has paid £5m in cash for the division sold. Centaur will consider the best use for the proceeds following the completion of its divestment review.
Centaur's financial services division comprises a portfolio of multi-channel publishing and content brands, including Money Marketing, Mortgage Strategy, Platforum, Taxbriefs and Headline Money. These brands generate advertising and other revenue by serving a range of audience segments within the financial services industry, including financial advisers, mortgage brokers, accountants and asset managers.
Andria Vidler, Chief Executive of Centaur, commented: “This disposal continues the simplification of Centaur, further reducing our advertising exposure and allowing us to focus on developing products and services with stronger recurring revenues. A simpler group structure will allow us to deliver efficiencies and other operational benefits.
"Our financial services portfolio which includes Money Marketing has played a key role in the development of Centaur over the years, and I want to thank the teams for all their hard work. I am pleased that Metropolis sees the potential to develop the business further."
Robert Marr, Chief Executive of Metropolis Group, added: "The acquisition continues the development of Metropolis and aligns with our vision of delivering sustainable profitable futures for well-managed media brands. We look forward to working together with the financial services team to further develop these long-standing market-leading brands."
For the year ended 31 December 2018, Centaur's financial services business made an adjusted operating profit of £1.2m, up from £0.6m in 2017, on revenues of £8.2m (2017: £8.9m). At 31 December 2018, the business had gross assets of £2.3m, says Centaur Media.
