Better Capital bought the business out of administration for £14m in 2010. Mr Moulton’s fund, which specialises in distressed assets, then invested a further £23m into the company. However, Reader’s Digest collapsed into a company voluntary arrangement last January after a severe decline in its book and CD business.
Mike Luckwell claimed that he would now expand Reader’s Digest business into the financial services to copy the business model of the over-50s insurer, Saga.
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