Trinity Mirror has shelved plans to sell its Midlands-based titles and its remaining newspapers in the South East. The group has admitted that it made the decision because it failed to attract high enough bids.
The news comes as the group presses ahead with the sale of its sports division, which includes the Racing Post, to Irish investment group FL Partners. The £170m price tag is lower than that £190m it had hoped to raise.
The sale follows a strategic review of the company last year led by chief executive Sly Bailey (pictured). The company earmarked newspapers in the Midlands, London and South East for sale.
The Midlands-based titles, which include the Birmingham Mail and the Coventry Telegraph, were expected to be sold for around £250m. It is understood that potential buyers are thought to have included private equity firm Exponent.