According to a report in The Times on 1 July, Adare is being prepared for sale by investment bank Lazard, in a deal expected to fetch around 150m.

A spokeswoman for the print group said the firm was undertaking, "a strategic review of its operations."

"It's been five years since the management buyout, and although there's no significance to that, a strategic review is underway," she said.

The review will include a number of options, one of which is a possible sale, another a financial restructuring of the business.

"Although we may decide to not to do anything," said the spokeswoman.

The review will not affect day-to-day operations, and it is expected to be a number of months before a final decision is made.

According to The Times Irish private equity firm Allen, McGuire & Partners bought a stake in the firm when the group delisted in 2000.

Allen, McGuire & Partners has disposed of its other printing interests. Derbyshire commercial printer Heanor Gate was sold to an MBO earlier this year. Welsh magazine printer Pensord was sold in 2003 to an MBO team led by chief executive Tony Jones.

Adare made a pre-tax profit of 4.4m in 2004, on sales of 180.3m. The firm employs 1,399 staff.

Story by Andy Scott