Reed Business Information (RBI) has agreed to sell its travel publishing division TW Group, which includes the Travel Weekly and Travolution magazines and a number of online properties, to entrepreneur Clive Jacobs.

The deal, which will be finalised in four weeks' time due to TUPE legislation, will see the creation of TW Group Ltd, headed up by erstwhile RBI TW Group publishing director Simon Ferguson.

Travel Weekly and Travolution magazines have audited circulations of 16,153 and 6,500 respectively. The portfolio also includes gazetteers.com and the websites of the respective magazines.

Jacobs, who founded Holiday Autos which was acquired by lastminute.com in 2003 and has been chairman and stakeholder in numerous online businesses, said that he still recognised the value of the printed products.

"I personally believe that none of us can underestimate the power of the web, but equally people still like to read something they can touch," he said.

The value of the deal was not disclosed.

Reed Elsevier abandoned plans to sell off RBI, in December 2008, blaming the "deterioration in macro-economic outlook and poor credit market conditions".