Former Conservative party deputy chairman Lord Ashcroft has acquired a minority stake in Reach, publisher of the Daily Record, Mirror and Express.
The businessman and Tory donor indirectly holds 74.5% of Heather Venture Holdings which has purchased 3.09% of Reach’s voting rights, equating to 9,826,491 shares.
Of his shares, 33.08% are held directly through Redmayne (Nominees) and 41.42% held by Redmayne (Nominees) on behalf BainsVille Commercial Inc, an entity owned by Lord Ashcroft.
The filing marks a new entry on Reach’s major shareholder register, with no prior notifications from this holder referenced in the disclosure.
In 2022 Daily Business revealed that Lord Ashcroft’s Political Holdings had acquired Holyrood Magazine, the Edinburgh-based political publication, in a £4.5m deal.
The latest share dealing follows the announcement last week that STV chair Clive Whiley has joined the board of Reach as a non-executive director.
He oversaw the recovery and sale of banknote printer De La Rue and is considered a prime candidate to take over Reach chair and revive its fortunes.
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