(Reuters) - Johnston Press Plc (>> Johnston Press plc), publisher of the Scotsman, the Yorkshire Post and a string of local newspapers, said on Monday it was in late-stage talks with Iliffe Media for the sale of some of its non-core titles.

Johnston Press's shares jumped as much as 14.75 percent on Monday, making the stock one of the top gainers on the London Stock Exchange.

The company, which also publishes the "i" newspaper, is looking to sell some of its assets in East Anglia, the Sunday Times reported.

Johnston Press publishes the Suffolk Free Press, the Haverhill Echo, the Newmarket Journal, the Bury Free Press and the Diss Express in East Anglia.

The publisher declined to comment beyond the statement it released on Monday.

The newspaper industry has been hammered in recent years as advertisers have followed readers to online platforms, forcing print publishers such as Trinity Mirror (>> Trinity Mirror plc), and Daily Mail and General Trust (>> Daily Mail and General Trust plc) to cut costs drastically.

Johnston Press, which has lost more than 90 percent of its market value since May 2014, has also been selling off assets to reduce debt. The company said in July it would sell its Isle of Man titles to Tindle Newspapers for 4.25 million pounds.

Johnston Press said in its statement that there was no certainty the talks would lead to a sale.

"This disposal process is ongoing and a further announcement will be made when appropriate," the company said in a statement.

The publisher recently had its credit facility cut by half to 12.5 million pounds.

Iliffe News and Media Ltd, a family-owned publisher of newspapers, magazines and websites, was not available for comment.

The company distributes its publications in counties including Hertfordshire, Suffolk, Essex and Cambridgeshire.

Crystal Amber Fund Ltd , which said in September that it had raised the stake in Johnston Press to 6.74 percent and offered to help the company avoid a poor debt restructuring deal, did not comment on the possible divestiture.

Johnston Press's shares lost some of their early gains and were trading up 6.67 percent at 1147 GMT.

(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair, Amrutha Gayathri and Saumyadeb Chakrabarty)