Idox has offloaded Reading Room to Fat Media Group for the nominal sum of £1 three years after acquiring the digital agency for £5.6m.
Software firm Idox bought Reading Room in October 2015 and then followed up with the acquisition of fellow digital agency Rippleffect from Trinity Mirror a year later in a £2m deal.
The two agencies were merged into one digital division that recorded a loss before tax of £3.2m for the year ended 31 October 2017.
Reading Room will retain its own identity following the takeover and sit within Fat Media as a ‘distinct business unit’.
David Durnford, Fat Media Group chief executive, said: “Fat Media Group have an established digital services offering, although as a focus of our ongoing growth and development, we jumped at the opportunity to acquire such a well-respected business and brand as Reading Room, with a talented team and an enviable client roster.”
Reading Room managing director Jamie Griffiths added: “Joining the well-established, well respected Fat Media Group will energise our team, and continue to build on Reading Room’s current high-profile positioning within the digital agency sector.”
Reading Room was founded in 1996 and has offices in both London and Liverpool from which it serves clients across the UK and Europe.