The group of banks that funded the £1.26 billion acquisition of Emap’s business-to-business arm by Apax Partners and Guardian Media Group (GMG) have had difficulty passing on some of their lending, in what may have serious implications for future media deals.

Although the failure of a recent syndication round will have little effect on the Emap business, it could dampen banks’ enthusiasm for financing future deals in the media sector – particularly companies that are partly or fully reliant on an advertiser-funded model. One such example is Reed Elsevier, which recently said that it would sell its business-to-business magazines arm.

One source said: “The Apax and GMG acquisition was agreed back in December when the advertising and lending market were in a very different place.”

The lending banks to the Emap buyout are believed to include Royal Bank of Scotland, HSBC, Lloyds TSB and GE Capital. Although sources said that the process was progressing, it is understood that the syndication round began a number of weeks ago.

Media deals such as the Reed Business Information sale could come under pressure, especially because a large part of Reed Business Information’s revenues come from advertising. It accounts for 56 per cent of the division’s £906 million turnover.

Banks are becoming increasingly nervous about putting their money into businesses that are dependent on advertising. There are concerns that a consumer slowdown will mean a decrease in advertising spending.

The advertising-funded model is becoming less appealing to a number of media groups. Sir Crispin Davis, the chief executive of Reed Elsevier, said in February that he wanted to focus on areas that deliver more consistent growth, citing the cyclical nature of the advertiser-funded model.

Sir Crispin said: “We want to create a more cohesive company. Reed Business Information . . . increasingly does not fit with what we are doing. It is an advertising-led business and is, therefore, more cyclical.”

The information memorandum for the sale of Reed Business Information has not yet been sent out by UBS, Reed’s adviser. It was originally intended to go to prospective bidders in mid-May.

Although Reed Elsevier is keen to sell the business, there are believed to be wider concerns about the availibility of debt for private equity groups. The majority of interest for the business is understood to have come from private equity firms rather than the trade.

Some media buyers are understood to have revised forecasts in recent months as concerns mount about a weak advertising market. Group M, the media buying group owned by WPP, is believed to be revising its quarterly forecasts downwards, which could show about £200 million wiped off traditional media advertising budgets this year.

Other expected media sales that could be affected by a nervous lending market include the possible sale of Informa to a private equity consortium and the potential sale of Taylor Nelson Sofres to WPP, although neither of these companies is funded through advertising.

The 60-year history of Emap, which was one of Britain’s largest media companies, ended early this year when GMG and Apax agreed to pay £1.26 billion for its business-to-business publishing arm. At about the same time, the group’s consumer magazines and radio businesses were sold to Bauer, the German publisher, for £1.14 billion.

The business-to-business arm of Emap was widely seen as Emap’s most attractive division when the group was put up for sale last year. Interested trade and private equity bidders liked its ability to cross-promote its magazine brands through events and exhibitions, and its digital potential.

The division, which was led by Derek Carter, its long-term chief executive, drove Emap’s digital strategy, mainly because the nature of a business-to-business operation lends itself more freely to internet subscription services.

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