CRYSTAL Amber has increased its stake in Johnston Press, the publishing group which owns The Scotsman and Yorkshire Post newspapers, to 21.36 per cent.

The activist investor disclosed that it had acquired an additional 1.6 million shares in Johnston Press on Wednesday taking its total holding to 22.8m shares.

The Guernsey-based fund became the biggest shareholder in Johnston Press last month when it increased its stake to 18.63 per cent and then 20.04 per cent.

Johnston Press did not comment on the latest stake-building by Crystal Amber.

In an update on 2016 trading published earlier this month chief executive Ashley Highfield said the group had seen some improvement in its markets in the fourth quarter following a very difficult summer prompted by Brexit-related uncertainties.

He said Johnston Press remained focused on delivering its strategic priorities of growing its overall audience, developing the i newspaper which it acquired in April, increasing efficiency and boosting its balance sheet.

Shares in Johnston Press closed down 1.75p at 20.25p.

Crystal Amber also has holdings in STV Group and in Hurricane Energy, the Shetland-focused oil firm.