The 72-year old title, once a stable of doctors' waiting rooms and hotel snugs, could close within weeks if a buyer is not found, threatening to leave tens of thousands of subscribers out of pocket.

Despite trying colourful redesigns and a web site, the magazine has struggled to modernise its image.

Its current woes are a far cry the magazine's glory days during the 1950s when it sucessfully took on America's all-powerful tobacco companies with a series of articles about the links between smoking and lung cancer.

The UK edition's circulation has slumped from around 2 million in the 1990s to a quarter of that while the financial crisis has also taken its toll on advertising revenues.

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