The wealth-worshipping William Cash recently told Independent readers how he’d sold his Spear’s Wealth Management Survey magazine (aimed at High-Net-Worth individuals – ie the filthy rich) for a “seven figure plus” sum (just over £1m in fact) to Luxury Publishing Ltd. Conscious perhaps of the modesty of the price he added that the “deal allowed me to keep 30 per cent of the title.”
However, you wouldn't guess from his piece that Luxury Publishing Ltd has actually bought Cash's whole company Spear Media – not just the super-rich mag - for a “seven figure plus” sum. Spear’s Wealth Management Survey is just one asset among a number of magazines which include contract titles Annabel’s Wine & Cellar and Aspinall’s. The Observer reports that Cash retains a “30% stake in the company” - I assume this is a mistake because Cash says his stake's in the Spear's title.
I am sure that Cash’s Independent piece unintentionally left one with the impression that he'd flogged Spear’s Wealth Management Survey alone for over a million quid. Its actual sale price must be considerably lower than that if it was part of a job lot. Half a million? A quarter? But, of course, it does not harm Cash's interests for people to think the title alone worth a “seven figure plus” sum - though still chicken feed in reality. And it’s hard to tell which interested Luxury Publishing more – Spear’s itself or its useful contract magazine deals.
What we do know is that Cash's sell-off makes Luxury Publishing the UK’s largest magazine publisher for High-Net-Worth sector titles.
9 comments:
His grinning mug in the ES homes and property section today too, talks about luring a girl back to his flat. Poor hapless thing.
Let's be even more analytical here, shall we? Cash was not "allowed to retain" 30% - it was a condition of the deal that he remain involved, since no purchaser of such an asset-light company would allow the MD to simply waltz off into the sunset. Spears Wealth Management Survey is important because it is one of the few titles the company both publishes and owns; remember that those contract titles are, ultimately, owned by the clients, such as Annabels, themselves. So in a way, Cash was right to say that it was SWMS which was bought; the contract titles are only "owned" for the length of their contracts. So Cash is tied in to ensure some kind of longevity with those clients.
Dear Madame Arcati - is someone standing in for you while you're on holiday? You seem to have lost your frock.
As always, with best wishes, Duncan Fallowell
Thank you Duncan. I have lost my frock and rather enjoying exposing my fanny.
In ES he says he takes "girls" back to his cruddy flat - probably to ear rape them as he's got a small dick. He got quite close to being a billionaire with the Bulgari bitch ex-wife - life's funny like that. He pre-cums just thinking of the stinking rich whereas Madame Arcati doesn't care about money, I think she's great - I say she, I think she's a he or a he who thinks she's a she, or maybe not.
I once saw William talking to himself in the street - perhaps he was counting his lost money.
<< Thank you Duncan. I have lost my frock and rather enjoying exposing my fanny. >>
Mmmm... I must confess I enjoy the show, although the back chimney is not my favorite. :-)
<< Don't knock what you ain't tried honey. >>
How the hell d'ya know, chéri(e) ?! ;-)
how is it that cash is now seeing another rich woman- this time someone who is as shallow and fame hunting as Cash himself. How pathetic to be a male gold digger. The Cashes are all nuts, though. It runs in the family.
Cash was a little economical with the truth here. He had to sell the business as it was going under fast. His ex wife's family (the Bulgaris) stopped funding his lossmaking enterprise and so he did the right thing. He used his newspaper connections to leak a story around and say that 3 companies were vying to buy spear Media for aroun £2m. The truth was that only 1 company was interested and used £450k of venture capital money to buy the business. I hear it's not doing too well these days under its new owners. Cash is strange one and his shameless self obsession makes most of us cringe when we read his various columns. It appears he's even given his new wife a column in the magazine, which she uses to bore the readers endlessly with stories of their love affair.
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