UK Sports Media Group sells men’s magazine Front

Sport Media Group, publisher of the popular Daily Sport, has sold its lads' magazine Front and the rights to film magazine Hotdog for £87,500 to a start-up independent venture called Kane.

Kane has been founded by Dominic McVey, the young multimillionaire who made his fortune importing micro-scooters from China, and Francis Ridley, the founder of the talent agency that represents stars including the Radio 1 presenter Zane Lowe, Capital Radio presenter Lisa Snowdon, England football player Peter Couch.

Front, part of an SMG business unit called Flip Media, made a net loss of more than £155,000 for the year to 31 July. Its circulation has dwindled from a high point of 150,000 in 2000 to an unaudited circulation of about 40,000. The sale of the magazine marks a retreat for SMG from the magazine business.

The new owners plan to increase distribution of the monthly by 13,000 copies through supermarkets and independent retailers. Kane said that the title most recently recorded a distribution of 39,658 for July, as measured by the distributor Comag, but that the title has been registered for Audit Bureau of Circulations auditing.

"Front is the rarity in its market, it is confident and resonates with its audience, which is why it has enjoyed an increase in popularity whilst its peers have all declined," said McVey. "As an independent we believe we can be nimble and opportunistic, empowering the team to build on the success to date and collectively realise the brand's ambitions both in print and online."

Meanwhile SMG, which put out a trading update this morning, said that it has turned the corner in recent weeks, converting steep circulation declines for the Daily Sport and Sunday Sport into positive year-on-year growth.