The sale will see CCH Daily, Accountancy magazine and the flagship CCH Online information service for tax, accounting and audit move to the newly formed Croner-i Limited, which will be headed up by CEO Bertrand Stern-Gillet.

The current team of specialist authors and writers across tax, accounting and audit will transfer to the new business, with team leads, Julia Bowyer ACA, head of accounting and audit content, and Paul Robbins ACA CTA, head of tax content heading up the key content teams.All staff have transferred to the new company, Croner-i Limited.

Peninsula is a leading provider of employment law, HR and health and safety consultancy services in the UK, Ireland, Australia and New Zealand. In December 2015, Wolters Kluwer sold its UK-based HR consulting and tax fee protection services to Peninsula which has doubled the size of the business since the acquisition.

Stern-Gillet said: ‘This is an exciting opportunity and we are planning to expand the business significantly, with a focus on investing in the products and adding new features to the current portfolio to give our customers a wider product offering.

‘We will continue to invest in the CCH Online platform, with plans to add new features and enhance existing content. The acquisition is a great chance to capitalise on the fee protection, Taxwise and the helpline services we already offer through Croner Group, and we will be looking at how we can roll out these services to a wider audience.’

As well as the sale of CCH Online, the sale includes the Croner-i portfolio which covers HR and employment law, health and safety, the care sector, transport and international trade.

Wolters Kluwer will retain its tax and accounting software business (TAA) whose UK employees are unaffected by the divestment as are the Governance Risk and Compliance (GRC) and Health divisions of Wolters Kluwer.