An Irish newspaper publisher has launched an ambitious bid to take over UK regional media giant National World.

Media Concierge, which is already a shareholder in the David Montgomery-led publisher, has tabled a £56.2m offer for the whole company.

Media Concierge is owned by advertising executive Malcolm Denmark, pictured, who also owns Mediaforce UK which until recently handled National World’s national advertising.

It currently owns 28pc of the shares in National World, having been among the company’s original backers when it was first set up in 2020.

As well direct mail and advertising operations, Media Concierge runs a raft of newspapers in Ireland including the Derry News.

Its offer of 21p per share for National World compares with a current share price of 15p and values the publisher at £56.2m.

Media Concierge says it believes the offer “provides a highly attractive and deliverable opportunity for National World shareholders to realise their investment at a substantial premium in cash”.

It says it “has made every effort to engage privately with National World and its advisers” but has not yet received any substantive response.

However National World has publicly responded to the bid by issuing a statement claiming that Media Concierge is witholding £4.4m of revenues due to the company.

It also says it has launched an investigation into what it called “historical invoicing ireregularities” which are understood to relate to the period when Mediaforce was handling the group’s national advertising.

National World was up as a media investment vehicle by former Mirror Group chief executive Mr Montgomery four years ago.

It later purchased regional newspaper publisher JPI Media for £10.2m, enabling it to take control of The Yorkshire Post, The Scotsman and dozens of other titles.

Since then it has made numerous other acquisitions including MNA Media – publisher of the Express & Star and Shropshire Star – and the Rotherham Advertiser.

The full statement issued by National World is as follows:

“National World notes the announcement released today by Media Concierge (Holdings) Limited (“Media Concierge”) regarding its proposal of a possible offer (the “Possible Offer”) in respect of the entire issued and to be issued share capital of National World at a price of 21 pence per share in cash.

“National World confirms that it has received the Possible Offer and the Company has undertaken a significant amount of work with the Company’s financial and legal advisers to evaluate the Possible Offer. The Board has confidence in National World’s strategy for value creation as an independent business but acknowledges the potential merits of the Possible Offer.

“On 1 October 2024, prior to the approach by Media Concierge, the Company was made aware of a potentially systemic pattern of historical invoicing irregularities in relation to the activities of entities affiliated with Media Concierge. The Company commenced an investigation of these matters on 2 October 2024 (the “Investigation”).

“In addition, entities affiliated with Media Concierge are currently inappropriately withholding revenues due to the Company totaling £4.4 million.

“The Company has requested access to historical records to facilitate the Investigation and enable the Possible Offer to be fully evaluated. A forensic auditor is on standby to assist with the Investigation.

“Entities affiliated to Media Concierge are yet to provide access to the necessary documentation in accordance with National World’s contractual and legal rights to enable the Investigation.

“In consultation with the Company’s advisers and counsel, and following engagement with certain shareholders of the Company, the Board continues to pursue these matters to safeguard shareholders’ interests and to enable it to properly evaluate the merits of the Possible Offer.

“The Company confirms that it holds £10.9 million of cash balances notwithstanding revenues withheld by entities affiliated with Media Concierge.

“There can be no certainty that any offer will be made and National World shareholders should take no action at this stage. A further statement will be made as and when appropriate.”