Palmer targets Trinity's Irish titles

FORMER Financial Times group chief executive David Palmer is set to make a bid of up to £40m for Trinity Mirror's Irish titles.

He has teamed up with private equity group Hg Capital to enter a growing auction for titles including the Belfast News, according to reports.

Palmer, 62, who left the FT to join Sir Anthony O'Reilly's Independent News & Media in 1994 before receiving e954,000 (£665,000) on his departure last year, is likely to face stiff competition in the race to secure the portfolio.

The titles are up for sale as part of cost-cutting measures announced by Trinity chief executive Sly Bailey in July. Other interested parties are thought to include South Antrim Ulster Unionist MP David Burnside with the backing of former Mirror Group executive David Montgomery, Scottish Radio Holdings, Irish newspaper group Thomas Crosbie Holdings and Independent News & Media.

Predators are also thought to be waiting in the wings for Trinity's top stable of UK national titles and even the group itself should Bailey's restructuring plans falter.

Trinity Mirror is valued by the market at £1.53bn with its national titles estimated to be worth at least £500m.