THG

THG, which owns brands including Cult Beauty and LookFantastic, is seeking to buy the paper in a pre-pack administration process.

"We can draw on THG's expertise and given they are a global business this is a chance to get our content out on an international level."

THG declined to comment on the deal.

City AM, which has been running for 18 years, has a monthly online readership between 1.8m and 2m, with more than three-quarters in the UK, and print circulation of 67,714.It is distributed from about 400 travel hubs and commuter locations, as well as about 1,600 London offices.The move would be widely seen as a slightly new direction for Manchester based THG, which primarily runs ecommerce brands and platforms for third parties.THG also holds content syndication partnerships with firms including Google and Bloomberg.

THG's previous experience in online publishing makes Mr Muncaster optimistic about the the future of City AM.