Printing business St Ives has sold its loss-making magazine business to a private equity firm for £20m.

The deal will see Walstead Investments pay £15m cash for the printing business and a further £5m in loan notes.

The magazine division, which employs about 670 people and produces print copies for firms like Conde Nast, suffered pre-tax losses of £5.1m in the 12 months to the end of July from revenue of £70.5m.