Reading Room: Idox sells Reading Room to Fat Media for £1

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.