A Sunday Times story over the weekend said that a Scottish consortium was in early talks with Johnston over a possible sale, adding that the publisher was "holding out" for £40m for the title it acquired in 2005 for £160m from the Barclay brothers.

However, in a statement to the London Stock Exchange, Johnston Press said that, although it did not usually comment on such speculation, "the board does not have any disposal process under way in this regard".

The denial comes in a week where the group will face make or break negotiations with its bankers over its debts.

Earlier this year, Johnston warned of uncertainty surrounding its ability to trade as a going concern if it could not sell its Irish titles or renegotiate its debt covenants.

A potential sale of the Irish title collapsed in May, while the group said in June that a proposed delay of its covenant testing had been delayed from the 30 June to 31 August.

It is expected that Johnston will have concluded negotiations on its debt in time for its interim results, which are announced this Friday.

The newspaper group's share price has doubled over the last month, a sign the City anticipates a successful renegotiation of its debt covenants.