PrintWeek has learned that Pindar is in early discussions with three "printing groups", with initial enquiries also received from other trade buyers and venture capitalists, although no deal has yet been agreed.
Polestar, BGP and Southernprint have stated that they are not in talks to buy Cooper Clegg. St Ives and Wyndeham were unavailable for comment, although neither are thought likely to be involved.
In a statement, Pindar said that the board believed Cooper Clegg would fit better within an operation with a "larger presence in the publishing market or a publisher looking for a guaranteed supply chain".
Cooper Clegg produces a raft of titles for Bauer Consumer Media (BCM), including FHM, More! and Q, although the ex-Emap operation is currently involved in a tendering process for the bulk of its consumer titles.
Senior industry sources have speculated that BCM's German parent Bauer Verlagsgruppe might be a potential bidder, with a view to mirroring its German publish and print model, although Bauer has declined to comment.
News of the interest came as more details emerged as to the reasons behind the decision to sell the business after just 18 months of ownership, and the group warned of a contraction of choice in the magazine publishing market.
"Printers are not getting the return they need in the sector and [if this continues] the judgement day will arrive when publishing buyers will have zero choice and their prices could be pushed up by maybe 30-40%," said Pindar chairman Andrew Pindar.
According to Pindar, the firm had made cost savings of around £1m per year at Cooper Clegg since buying the web offset operation in March 2007, but rocketing costs and cut-throat pricing meant this had little impact.
"It's not a question of scale or efficiency, we know how to run efficient plants, but there comes a point when the prices are unsustainable," said Pindar.
Barry Hibbert, Polestar chief executive, said: "The position of the Pindar board is totally understandable… the over-supply in the marketplace means that pricing levels are not able to sustain capital investment."
Pindar would not be drawn on the options facing the business if it fails to find a buyer. "We will cross that bridge if we get to it," he said.
However, print union Unite voiced concerns. "We are worried that this may mean closure if they can't sell it," said Steve Sibbald, Unite national officer.
"They have good customers, a good order book, very skilled staff and good equipment. The question is whether or not anyone would want to take it on," he added.
According to its most recent accounts, Cooper Clegg employed 249 staff and in the 18 months to 30 September 2007 recorded sales of £40m with a pre-tax profit of £1.5m, although this included a £4.9m "exceptional item".
