"We are currently looking at all options, but we are quite happy with Cradley, as it suits our tight deadlines and has met all our requirements," said IMS managing director Mike Taylor.

Taylor said the contracts were originally up for renewal at the end of last year but were extended.

One of the companies thought to be a contender for the contracts is St Ives.

Cradley Print joint managing director Chris Jordan declined to comment on the contracts, but added that negotiations were still on-going with the GPMU with regard to new shift patterns and working conditions at the West Midlands plant (PrintWeek, 15 February).

Jordan refuted claims that a G16 press and binding plant had been taken out of commission at Cradley as a result of the reductions in staffing levels, and said that certain presses were "very busy".

"Its a competitive industry, and most companies are struggling, but we believe we can hang in there with the best of them," said Jordan.

A decision is expected on Time and Newsweek within the next month. IMS is a joint venture between the two companies.

Although Taylor would not be drawn on whether new names are in the frame, he said: "Everything is up for renewal."

The current issues of Time and Newsweek are 66pp and 62pp respectively, with all repro for both editions being carried out in-house.

Latest ABC figures for the magazines show a pan-European circulation of 628,631 for Time and 666,000 for Newsweek.

Story by Andy Scott