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Better Capital buys Readers Digest UK for £13m

The UK subsidiary has been brought by Jon Moulton's private equity group, saving 117 employees.

Reader's Digest UK filed for administration in February, about two weeks after it failed to get a backing from the Pensions Regulator for an agreement to fund its pension shortfall of £125m.

The magazine's parent company RDA has reached a licensing agreement with Better Capital. The equity firm said the £13m investment will fund the publication's growth. The deal will save the jobs of the magazine's 117 employees in the UK.

The circulation of Reader's Digest in the UK has fallen from 2m in the 1990s to around 500,000.