The management team of the company, which is likely to be called New Jarrold Printing, will bring 25m of investment for new presses and plant. Ex-BPIF eastern regional director Greg Kane is part of the team, and will be the companys HR director, although the other names behind the bid have not yet been released. Charles Jarrold and account director John Burrell will support the new team.

Staff were told of the plans this afternoon (Friday, 16 January). Jarrold & Sons chairman David Hill said: Jarrold Printing needs a 25m investment in presses and plant to secure its future. This team has the resources and commitment to make that investment, as well as the skills and expertise with which to develop Jarrolds established reputation.

Jarrold Printings 326 employees will transfer to the new company and will keep their existing terms and conditions. The deal should be concluded in the next few weeks.

With the investment in wide web presses New Jarrold Printing will target the longer run magazine and catalogues market.

The deal will allow the Jarrold family to release the value of the city centre site currently occupied by the print business. However, there is as yet no timescale and the Barrack Street premises will be leased to the new management team for an initial three-year period.

Jarrold Printing executive chairman Gary Iceton is leaving the business and was praised by Hill for his 15-month contribution to the business.

Gary leaves the business much better placed to compete in todays challenging web market. We wish him well for the future, said Hill.

Jarrold Printing has an enviable portfolio, including NatMags Esquire, Good Housekeeping, Harpers & Queen and Country Living. It also produced titles for IPC, Emap and the Financial Times.

Jarrold & Sons other business interests in retail, publishing, training and property are unaffected by the announcement.

Story by John Davies