Epic Group, a provider of online learning programmes, is being sold to the London-based publisher Huveaux for £22.7 million.

Brighton-based Epic was snapped up by the revision guide specialist shortly after announcing a 53 per cent jump in annual profits.

Epic, in Old Steine, has been expanding its client base in the last year, with contract wins in the defence, retail and travel sectors.

Turnover inceased by 11 per cent to £8.1 million for the year to May 31 while pre-tax profits increased to £2.09 million from £1.36 million for the same period.

Huveaux, which also publishes political biographies and reference books, said the acquisition would increase earnings and give a major boost to its learning division.

Chief financial officer of Epic Group, Stephen Oliver, said: "There are no changes in project teams or personnel and Epic will continue to be the leader in e-learning.

"We employ some 200 people in Brighton and that is where e-learning and Epic will stay. It does not affect our clients or staff.

"E-learning will gradually become all-pervasive like the internet did. Big corporates already recognise it as an intregral part of their training programmes and I expect that will seep through to smaller firms."

John Gordon, chairman of Epic, added: "The offer by Huveaux represents an opportunity for Epic shareholders to realise a significant cash amount per Epic share while at the same time becoming shareholders in an enlarged Huveaux Group and accessing the growth opportunities."

Huveaux chairman John van Kuffeler said: "By acquiring a market leader in the growing UK market of e-learning, Huveaux will have acquired a good business that not only complements each of our political, learning and professional divisions but also provides opportunities to add value to our existing products and intellectual property."

The deal, expected to be approved by Epic shareholders on August 18, values each Epic share at 95.5p. Huveaux is listed on the Alternative Investment Market.

Wednesday, August 10 2005