Buyout offer for 'Lloyd's List'

The management of Lloyd's of London Press, publisher of the prestigious Lloyd's List, has made an offer to buy the company from the troubled insurance market. Sources suggests a price of about pounds 70m.

Peter Middleton, Lloyd's chief executive, confirmed this summer that the sale of LLP was under review, as part of the restructuring of the insurance group. A spokesman for Lloyd's said last night that no final decision had been taken regarding the sale.

"We have not yet decided at this stage," he said. He added that several unsolicited expressions of interest had already been received and that Lazard Brothers had been appointed to advise the company.

A formal announcement regarding Lloyd's intentions is expected by the end of the week.

The current management is believed to have the inside track as a potential buyer, but sources suggested other bidders, including the Anglo-Dutch publishing giant Reed-Elsevier, might come forward.

If the sale goes ahead, Lloyd's is expected to push for the highest price it can get. It is believed, however, that the current management has proved its ability by turning around the publishing operations between 1992 and this year.

From making unspecified losses three years ago, the group, which includes 30 specialist titles in addition to Lloyd's List, the shipping periodical, made profits of pounds 4m last year and is on track to earn pounds 6m this year.

Before making the decision to sell, Lloyd's executives are considering whether the publishing group can operate independently.

Under its current structure, the specialist press has a secure source of information from within Lloyd's and some company insiders are concerned that the flow of information might dry up under independent ownership.