Michael Heseltine has taken full control of Haymarket, the publishing group he co-founded 50 years ago, as it restructures to move its flagship consumer titles online and expand internationally.

The 81-year-old former Conservative politician is betting on a recovery in the fortunes of Haymarket, which made a pretax loss of £7.6 million in the 18 months to June 2013, according to accounts expected to be filed at Companies House this week.

He rejoined the business after leaving full-time politics in 1997, and has spent £110 million acquiring the shares of his co-founders over the past decade, culminating in a final cash payment of £10 million in December. His son Rupert is also on the board.

Kevin Costello, the group’s chief executive, said the restructuring had “created significant headroom for investment”.

“We were a classic business which had been built by an entrepreneur into a portfolio of assets without a clear focus,” he said.

Even after recent disposals, Haymarket remains more diversified than many peers, with operations in consumer magazines, business-to-business publishing and events.

“Our diversity - in the context of our portfolio and international growth - has insulated us,” said Mr Costello. He said it could potentially acquire other businesses if the industry consolidated further.

–(Copyright The Financial Times Limited 2014)