Publishing firm Gill & Macmillan is set for change as Macmillan Science and Education said it has sold its stake in the firm.

The Gill family, which is buying the 50 per cent holding to take full ownership of the firm, said the Gill & Macmillan brand won’t disappear imediately, but it has planned to change name and rebrand at a later stage.

It said there would be no trading consequences for the company.

The Dublin-based firm was founded in 1968 and has long been a familiar name in Irish schools and colleges. It also publishes trade publications and provides distribution services to independent publishers throughout the country.

Gill & Macmillan chairman Michael Gill said it was a very positive development for the publishing firm, bringing it into full Irish ownership.

“We are excited by the transformative power and many opportunities and challenges provided by the digital age, both in Ireland and worldwide,” he said.

Financial details of the deal were not disclosed.

Macmillan chief executive Annette Thomas said the sale of its 50 per cent share fit in with the company’s greater strategic objectives.

Gill & Macmillan currently employs 70 people.