Ashcroft takes share of Mirror and Express

By the Editorial Team · Wednesday, September 30, 2026

Lord Ashcroft has acquired a 3 percent stake in Reach plc, the publisher of the Mirror and Express, through his Heather Venture Holdings in a £44 million investment. This move comes as Reach faces financial difficulties, including revenue declines and job cuts, and may signal potential influence over the company’s strategic shift toward boosting subscription revenues amid digital challenges.

Billionaire Tory donor Lord Ashcroft has acquired a 3 percent stake in Reach plc, the publisher behind newspapers including the Mirror and Express. The investment, made through Ashcroft’s Heather Venture Holdings, is valued at approximately £44 million, based on Reach’s current share price of 47 pence. This represents a significant discount compared to the company’s peak market value of around £5 billion in 2005.

Reach, which also owns numerous local titles such as the Manchester Evening News and Liverpool Echo, has faced considerable financial challenges in recent months. Earlier in the year, the company reported a 9 percent drop in revenue and a pre-tax loss of £45 million, largely attributed to a 55 percent decline in referral traffic from Google during the first half of 2026.

In response to these pressures, Reach announced plans to reduce its editorial staff by 220 journalists and close three online news platforms serving Kent, Aberdeen, and Galway. This follows a previous round of cuts last year that saw the loss of more than 300 editorial positions. The company has been criticized for its earlier strategy focused on digital clicks, which has faltered amid shrinking digital advertising revenues.

Reach’s chief executive, Piers North, has outlined a shift in strategy toward growing subscription revenues, with the company currently reporting around 40,000 paid subscribers. North emphasized the importance of “active engaged time” over traditional page view metrics to gauge the effectiveness of its content.

The investment by Lord Ashcroft expands his media portfolio, which already includes brands such as Politics Home, Conservative Home, and Biteback Publishing. Media analysts suggest that Ashcroft’s entry into Reach’s ownership could signal attempts to influence the company’s strategic direction.

The company is also undergoing changes in its governance. The current chairman, Nick Prujeohn, is set to step down next year ahead of the annual general meeting. In the meantime, Reach recently appointed Clive Whilley, chairman of Scottish broadcaster STV and former chairman of the banknote printing firm De La Rue, to its board. Whilley is considered a leading candidate to assume the chairmanship.

Neither Reach nor Lord Ashcroft’s representatives responded to requests for comment.

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