Administrators acting for Team Rock have sold its assets to a publishing firm for £800,000.

FRP Advisory has confirmed that Classic Rock, Metal Hammer and Prog have been bought by Future.

The deal includes the magazines, domain names, events, radio licence and websites for each brand.

The acquisition was announced on the London Stock Exchange this morning.

Team Rock originally acquired the Classic Rock, Prog and Metal Hammer magazines from Futures Plc. in 2013 in a £10.2m deal.

Zillah Byng-Thorne, chief executive of Future, said: "The acquisition of these classic rock brands with their associated magazines, events and websites marks a further step in our buy and build strategy.

"It further reinforces our creation of a leading global specialist media platform with data at its heart, which we are monetising through diversified revenue streams.

"We look forward to developing further these iconic and mich-loved brands and to continuing to serve their communities of dedicated enthusiasts around the world."

Tom MacLennan, joint administrator and partner with FRP Advisory, said: "We are delighted to have sold the assets of Team Rock Limited to Future Plc and wish the new owners every success. The deal took just three weeks to conclude, during which time FRP Advisory received extensive support for our efforts to find a buyer, for which we are very grateful."

Team Rock went into administration in December 2016, with the loss of more than 70 jobs.

Twenty seven members of staff were told that they were being laid off and would not be paid for the month of December as a joiner was brought in to change the locks on their office in High Blantyre.

There has been no announcement on whether the people who lost their jobs will be re-employed by the new owners.

A crowdfunder page set up to raise funds for staff who lost their jobs has received over £85,000 in donations.