According to reports over the weekend, the company has accepted a bid from Time Warner for the loss-making US version of OK! magazine.

Rumours persist that Desmond is also looking to close the company's UK print division and offload both magazines and newspapers.

However, a spokesman for Northern and Shell reiterated that the story was pure speculation.

PrintWeek understands that the first four KBA towers and reel stands from Northern and Shell's £100m print investment are expected to be delivered to its new Luton facility in July.

A source close to the situation said: "Desmond is simply vetting his portfolio – the plans for his press plant are still moving forward. It is business as usual."