According to sources close to the company, Webmart is interested in acquiring the print management arm of Communisis, but is looking for a partner or partners to take on the production part of the business, including its Leeds direct mail plant and £17m purpose-built transactional mail facility in Speke, Liverpool.

The speculation comes two days after Communisis issued a profit warning, citing a fall in direct mail volumes and large clients delaying spends on its higher margin services, which caused its share price to fall 20%. The share price rallied slightly yesterday, but at its current 21.25p price the market capitalisation of the company is £29.4m, while the asset value is £239m.

As a result of the profit warning, analysts at investment bank Panmure Gordon & Co have downgraded Communisis from hold to sell, and reduced the firm's target price from 26p to 13.2p – which would value the company at around £18.3m. However, rival investment bank Investec rated the firm's target price at 35p.

Just 12 months ago the firm had a share price of 69p, which gave it value of £95.6m.

Webmart managing director Simon Biltcliffe declined to comment and a spokesman for Communisis said: "We do not comment on this type of speculation."