City AM investor's name divulged

The London financial freesheet, City AM, has disclosed information about an investor who bought five

It had sold the stake to Scottish businessman Kevin Doyle but did not disclose the identity of the buyer.

The paper, co-founded by publishers Jens Torpe and Lawson Muncaster, is owned by a number of investors. Three Dutch and Russian banks backed the paper's launch by providing between £5m and £10m. They own half the title, while the founders own the other half.

Muncaster is understood to have sold his five per cent stake to Doyle in 2006. Doyle paid about £400,000 for it when the business was valued at £10m. Today it is valued at £20m.