Reed Business Information (RBI) has sold its portfolio of Utility Week titles to Faversham House Group.

FHG, which publishes a range of business titles and exhibition events, will take over Utility Week magazine and websites and as well as the division's awards programme.

The sale will affect seven staff and RBI has entered into a consultation period with those involved, according to an internal announcement. Subject to this staff consultation, the group aims to complete the "transfer" by 23 July, after which the Utility Week division will report to FHG CEO Amanda Barnes and be based at the new owner's offices in South Croydon.

"Amanda and her team are delighted to have the opportunity to acquire our portfolio and are committed to growth and to providing a good home for our staff," said RBI managing director Jane Burgess in the announcement to staff.

"Utility Week has a great team who are very much a part of their industry - they have been unable to get the support they need at RBI due to our other priorities and we believe that they will thrive under independent ownership, as part of a larger portfolio with opportunities for growth."

Last week RBI announced the closure of Personnel Today in print. The title will move online-only after its 29 June edition and 12 jobs are at risk.

In February 2008 parent company Reed Elsevier announced the sale of RBI and its UK magazine publishing arm. The sale was later terminated with Reed Elsevier citing poor market conditions.

In April 2009 RBI UK announced a voluntary redundancy programme, as part of plans to cut 50 staff. These proposed cuts came in addition to 35 planned redundancies announced in January last year.

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