Belgravia bids for Magpies

Belgravia Group, the Jersey-based investment fund run by former Liberty Hermitage hedge fund managers Ron Mitchell and Duncan Hickman, has confirmed that it is considering the acquisition Newcastle United.

Shares in Newcastle United rose by 14.75% on Monday August 21 to 70p, giving it a market capitalisation of £80m.

Belgravia is being advised by boutique investment bank Strand Partners. It is believed to have held talks with Sir John Hall, who owns 28.8% of Newcastle and his son, Douglas, who controls 12%.

Newcastle’s chairman, Sir Freddy Shepherd, controls a further 28%.