Telegraph Group chief executive Dan Colson has slammed absurd newspaper reports that West Ferry Printers could be sold to a property developer.


An article in the Financial Times (8 February) said that Northern & Shell (N&S) owner Richard Desmond was talking to Galliard Homes about the possible sale of the land for 125m.


Colson, also vice chairman of Telegraph owner Hollinger, said: West Ferry may be of substantial real estate value but it is a print works and it is staying a print works. Its just irresponsible to suggest otherwise. We print newspapers there and well continue to print newspapers there.


He also dismissed reports that the Telegraph Group would have to pay 80m for N&Ss 50% share in the Docklands facility.


The figure of 80m that has been quoted is nowhere near. We do intend to buy West Ferry but well take our time and do it for the right price, said Colson.


Theyre (N&S) desperate for cash at the moment. But well buy when were ready under the terms of our 13-year agreement.


Under the agreement, Telegraph Group had to serve notice that it intended to buy Northern and Shells (N&S) stake in West Ferry within a 42-day period, which it has done (PrintWeek, 12 January).


There is no time limit on the Telegraphs buyout of N&S, which could be worked out through arbitration.


Colson refused to speculate on the likely value of the settlement for the plant, but reiterated that the widely reported figure of 80m was absurd.


Story by John Davies