PAC executive chairman Peter Lynch revealed this morning that the group was "currently at an advanced stage of negotiation for disposal" of both Glasgow-based Bell & Bain and Leeds-based Top Copy.

Lynch revealed that Bell & Bain was achieving budgeted profitability for the year to date and that capital spend in recent years, including a €2.1m press and pre-press upgrade in the first half of 2008, had left it "well specified for efficient production".

Meanwhile, Lynch described Leeds-based Top Copy as "sub-scale and loss making".

Bell & Bain posted a 13% drop in revenue to €4.9m for the first half of 2009, however, EBITDA rose from 8.5% to 10% of turnover and operating profit rose from €15,000 to €79,000 thanks to cost reductions.

Bell & Bain managing director Ian Walker could not be reached for comment at the time of writing.