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While no-one was looking, David Montgomery, 72, (Bangor Grammar School and Queen's University, Belfast) has bought a bundle of British newspaper titles for the knockdown price of just over £10m, using loans of nearly £8.5m, and handing over just £5.2m in cash today. 

It's what's left of Johnston Press, now called JPI, which a US private equity firm has been flogging off for two years on behalf of company creditors. The printing presses and the 'i' have gone, but 150 titles are left - including The Scotsman, The Yorkshire Post, The Yorkshire Evening Post, The Belfast Newsletter, The Sunderland Echo, The Sheffield Star, The Portsmouth News and more. 

Mr Montgomery has been this way before, creating 'Local World' in 2012, and then on-selling the group in 2015 to Reach for some £220m.  Much of his funding has come from Malcolm Denmark, who made his money from inserting ad leaflets into papers, and now owns a range of titles in Ireland. He's an owner and breeder of racehorses, with Great White Shark perhaps best-known in his current stable.