UTV shares surge as investors swoop

SHARES in UTV — the Belfast-based broadcast and media group — soared yesterday, after two high profile investments were made in the business.

Dublin-based venture capital group, TVC Holdings — formerly Trinity Venture Capital — increased its stake in the broadcaster for the second time since initially buying into it during the summer. Elsewhere, one of the investment firms owned by Irish financiers Peter Crowley and Neill Hughes — Organo Investments — spent more than €9.1 million in acquiring a 6.6% shareholding in UTV.

UTV climbed 10.25 pence, or 12.5%, to 92.25p in London, the biggest gain since September 2000. The stock has fallen 58% this year. UTV had a market value of £88.5 million (€108.3m) at yesterday’s close business.