Anglo-Dutch publishing group Reed Elsevier has not managed to sell its devence conference businesses by the year end as hoped.

Earlier this year, Reed announced its intention to "quit" the defence exhibitions sector following protests, the most notable of which was over an exhibitor who was marketing leg irons at one of the fairs. 

The division is very profitable, accounting for around 0.5% of group turnover. The business is being marketed by Price Waterhouse Coopers and we believe the asking price is around £30m. Bids received late last year came in close to this level, but the deals fell through.