Former editor seeking acquisition
Montgomery ‘tabling bid’ for Express titles
Mr Montgomery, a former editor of the News of the World, is said to be raising funds to buy Northern & Shell’s media assets from owner Richard Desmond.
Bank of Ireland and private equity investors are looking at backing Mr Montgomery’s vehicle, National World, according to Sky News.
It is understood that Mr Desmond could retain about 10% of the new company with Trinity Mirror also brought in as part owner.
After editing a number of papers on Fleet Street, Mr Montgomery established Mecom Group, which owned a local newspapers across Europe, but he left in 2010 after falling out with shareholders.
He later created Local World, a consolidation vehicle for UK regional newspapers, which he sold to Trinity Mirror.
Under Mr Montgomery’s plans for the Express titles, the new company and Trinity Mirror would take out costs from back office operations.