Don’t you just hate it when you can’t find a decent pre-nup lawyer when you’re trying to enjoy yourself on your yacht in Monaco?
But the filthy rich need not fear. Luxury Publishing is buying Spear’s Wealth Management Survey, to become the largest publisher of magazines for the wealthy, and has plans to address these basic needs of the super-rich.
Luxury, backed by private equity group Nectar Capital, is adding Spear’s WMS, and the group’s contract titles such as Annabel’s Magazine and Aspinalls Magazine, to its stable in a deal worth about £1.2m. Small beans to most of its readers, we’d imagine.
Nectar will invest about £1m to fund a global roll-out of the flagship title, which has a circulation of 30,000 as well as being available in the BA and Virgin first class lounges, starting first in India and Hong Kong and China.
There will also be a digital edition, which will include video interviews with those who cater to the needs of the wealthy – so that said billionaire on his yacht can conduct a virtual beauty parade of sorts when in need of a lawyer, banker, or wine buyer.
Founder and editor William Cash, the former Times/Daily Mail/Telegraph journo, will be left with a stake of 30 per cent in the business following the deal.
The deal is also notable because it the first we’ve come across where the target gets a nod from Elizabeth Hurley. The model/actress/swimwear designer/etc says of Spear’s WMS: “Spear’s is the only magazine for anybody who likes to make money – and keep it.”
FT Alphaville only hopes that Ms Hurley will get a taste for this, and start vetting some other private equity targets, adding a touch of Hello magazine glam to our darker days in August.