The DMGT announced its decision to retain Northcliffe, its regional division, last week, following a six-week strategic review and undisclosed bids that did not "fully reflect the long-term value of the business".

The DMGT board concluded Northcliffe would be of greater value to its shareholders in a restructured format.

Williams said the two-year, 100m plan to restructure Northcliffe would still go ahead, but the 50m project to build a new site at Elsham Wold, north Lincolnshire, by the end of 2007 was "very unlikely".

He said the ageing plant at Lincoln was closed last week, resulting in 30 redundancies, but there were no immediate plans to close the sites at Grimsby and Hull.

"We've decided there are better ways to spend 50m. [The project] remains on hold. It's highly unlikely to go ahead, but we've yet to make a final decision," he said.

Far from being a disappointment, Williams said the result of the review was encouraging. "The fact is there were some very canny people willing to spend a large sum of money. In many ways it's affirmation of the industry."

- The Guardian Media Group, has confirmed that it is preparing a strategic review. It has appointed investment bank Merrill Lynch to advise on options.

It declined to comment on speculation that the review might lead to the disposal of Trader Media Group, which owns magazine printers Acorn Web Offset, Apple Web Offset and Wiltshire.

Northcliffe Timeline
- May 2005: Northcliffe plans 50m print plant at Elsham Wold

- June 2005: Northcliffe Press announces closure of Exeter site

- July 2005: two-year restructure to save 20m per year in operational costs, 100m print spend

- July 2005: planning approval for Elsham Wold

- December 2005: Northcliffe up for sale, Elsham Wold on hold

- February 2006: DMGT to keep Northcliffe, Elsham Wold "unlikely" to go ahead