Hearst owns 65% of the business, which was launched in 1977, while the remaining 35% is owned by Condé Nast Publications.

In its latest set of accounts made up to 31 December 2015, Comag posted a pre-tax loss of £4m on revenues of £183m, which were down nearly 8% on the previous year due to a decline in its core newsstand business. Last year, Hearst partially blamed this revenue decline for its own £5.4m loss in 2015, as well as a writedown in the value of the distribution business.

Comag's website states that 60% of its revenues come from independent third-party clients and that it "has a 23% share of the UK newsstand market". 

Hearst and Condé Nast sold Comag's US division in 2012 to Vancouver-based Jim Pattison Group. 

In a statement the co-owners said that as a result of the decision to withdraw from the company here in the UK, Comag would “be consulting with its staff and will also remain in close contact with its clients and suppliers".

They added: “The shareholders are committed to this being a thorough, well-managed process for all parties.”

The companies declined to give any further information. 

The decision to withdraw from Comag not only creates great uncertainty for the firm’s workforce, which stood at around 260 at the beginning of 2016, but also means both publishers will be seeking new distribution deals for their extensive magazine portfolios.

Sources confirmed that current distribution arrangements would remain in place until alternatives could be found and that both publishers were committed to the long-term future print in their portfolios.

Among Hearst’s circa-20 print titles are Harpers Bazaar, Elle, Men’s Health, Esquire, Good Housekeeping and Cosmopolitan. Condé Nast UK, meanwhile, publishes 16 titles including Tatler, Vogue, Wired, House & Garden and GQ.