New fear for Scotsman as bid rumour denied

Martin Gilbert today denied he was leading a consortium of Scottish businessmen in talks to buy The Scotsman newspaper, throwing fresh doubt over the future of the 192-year-old title.

The chief executive of Aberdeen Asset Management had been rumoured to be putting in a bid for the paper, alongside Ben Thomson, chairman of finance house Noble, and property developer Mark Shaw.

But today his spokesman said: "Martin Gilbert wasn't involved in a bid for The Scotsman. He is not interested in a deal." The Scotsman is facing an uncertain future as current owner Johnston Press must complete a package to refinance a £450 million debt by Friday. The regional newspaper publisher bought The Scotsman from the Barclay brothers for £160 million in 2005, but the paper has seen daily circulation plummet in recent years, down to 46,000 last month, and has been hit by a decline in advertising.

Johnston Press told the stock market that "the board does not have any disposal process under way in this regard".

Shares in the publisher rose 5.5p to 36.4p.