Podcast business backed by Nick Candy put up for sale

Podcast business Audioboom, backed by property tycoon Nick Candy, has put itself up for sale, the company confirmed.

Bosses at the group, which produces podcasts for 90 million listeners a month, added that financial advisors have been hired to seek out potential buyers.

The company added that no approaches have been made so far, but it hopes any deal will “deliver maximum value for its shareholders”.

It said: “There can be no certainty that this will result in an offer for the issued and to be issued share capital of the company or any form of transaction or other development for Audioboom, or the terms and timing of such matters.”

Valued at about £31 million based on its share price, the firm produces and promotes podcasts for famous voices including former rugby player Lewis Moody and broadcaster Sue Perkins.

New York bank Raine will lead the search for a buyer, the company added, in a year when sales hit 22 million dollars (£17 million) although losses were three million dollars.

Mr Candy’s vehicle, Candy Ventures, is the largest shareholder with a 26% stake.

Last week, the company announced it would receive a four million dollar (£3.1 million) loan from Candy Ventures and Audioboom’s chairman, Michael Tobin, to avoid having to tap up shareholders for extra cash.