Dagsbrun, the Icelandic investment firm specialising in media, telecoms and entertainment companies, is to sell Wyndeham Press Group and its English parent company Daybreak Acquisitions.

Wyndeham announced that sale talks are at “an advanced stage” with an un-named major financial investor. The UK's third largest print and communications company, Wyndeham reported revenues of €208m in 2005. However, Dagesbrun has issued a profit warning relating to both Wyndeham's operations and the sale process.

Dagesbrun is to separate its media interests from telecoms and IT by reorganising itself into two separate public companies: 365 Media, which would have included Wyndeham, and Teymi, a telecoms and IT company.

Dagesbrun acquired Wyndeham for £80.6m in March 2006. It will now sell a majority or all of the share capital in Wyndham and Daybreak, and hopes to have sold all shares within two years. 

Landsbanki Corporate Finance of Iceland will handle the sale.