The Isle of Wight County Press Group has boosted its portfolio by buying a free advertising newspaper on the island.

The group has reached an agreement with the owners of the Weekly Ad to form a new company to take over its publication from August. Weekly Ad Ltd will be a wholly-owned subsidiary of the IW County Press Group Ltd.

Weekly Ad is an advertising-only paper for the Isle of Wight, with 21,000 copies avaialbe to pick up free across the island every Thursday.

Robin Freeman, chief executive of the County Press group, said it would be “business as usual” and that readers and advertisers would notice little change because of the sale.

He said: “Paul and Angie Fareham, owners of Weekly Ad, and, of course, all existing staff will continue as at present. The business is successful and has been very well run.

“It fits very well with our existing printing and publishing operations. Both businesses are Island-owned and managed and employ IW people. The ethos and management style of both organisations is very similar.”

The Weekly Ad was launched in 1986 and used to be printed by the County Press group at its old presses in Newport.

The paid-for Isle of Wight County Press, which is published every Friday, and the Weekly Ad are now both published by the Newbury Weekly News.