The extent to which B2B publishers are feeling the effects of the downturn has been illustrated by a report suggesting Apax has written off its £300m investment in Emap’s B2B magazine division.

According to a report in the Telegraph, private equity firm Apax told investors in March that it has written down the value of its investment in the business to zero.

Apax paid £1.3bn for the B2B division of Emap in a joint venture with Guardian Media Group.