Wilmington plc, the owner of Press Gazette, has put up for sale a sizeable part of its publishing business.
Following a strategic review, the information and training company has resolved to focus on three core areas: legal/regulatory; healthcare, and media/entertainment (which includes Press Gazette).
In its results for the year ending June 2006, Wilmington said these three strands represented 93 per cent of the group’s pre-tax profits.
The proposed sale will include all the group’s magazines in design, construction, power, catering, automotive and other specialist markets, which represent some £20m of Wilmington’s annual turnover.
Grant Thornton has been appointed to conduct the sale. The Wilmington board said it expected to issue a further statement at the conclusion of the process.
The Wilmington chief executive, Charles Brady, said: “Our aim remains to significantly grow the revenues and profits of the group organically and by acquisition.
“By focusing our investment and resources, the group will be better positioned to accelerate the development of training and information businesses in its core markets.
“The businesses for sale have benefited from significant investment in the last 24 months and have excellent prospects. The group’s performance remains in line with our expectations.”