The publisher stated in its results last week that it had paid for unnecessary space at Excel where the show it bought for  £31m in July 2011 is staged.

UBM confirmed charges in its 2013 accounts of “£3.7m in connection with contracts with the ExCel London Exhibition and Convention Centre.

“These contracts entail minimum commitments for space rentals in excess of those foreseen to be necessary which exceed the economic benefits expected to be received and which have therefore been designated as onerous contracts.”

UBM also confirmed that Building magazine will be used as a promotional tool for Ecobuild.

UBM said in its results statement: “From 2014 substantially all print activities will support events communities.”