Mirror investors backing Bailey

SHAREHOLDERS in Trinity Mirror backed new boss Sly Bailey as it emerged that private equity firm Candover is ready to pounce if she fails to turn round the newspaper group.

Candover again approached the publisher and tried to persuade it to sell its national titles, including the Daily Mirror, shortly after Bailey arrived in the spring.

Candover and Apax Partners offered to buy the whole group last year for £1.3bn.

But some investors want to give Bailey a chance. Lesley Duncan, investment director at Standard Life, with 5.2%, said: 'We support the present management and think Bailey is doing a good job.'

Trinity shares are up nearly 40% since her appointment. She plans to cut costs and sell Trinity's Northern Ireland newspaper division for an estimated £40m. Sir Anthony O'Reilly, owner of Independent News & Media, is a possible buyer.