SUPERGLASS has seen its shares surge 11.4 per cent after it was revealed fund manager Miton Group has purchased a stake of more than seven per cent.

A stock market notification confirmed one of the funds run by the London finance house, which is listed on the Alternative Investment Market (AIM), had bought two million shares.

It is likely to have paid in the region of £220,000 to acquire the 7.14 per cent stake in the Stirling-based insulation manufacturer.

Shares in Superglass, which is also listed on AIM following a move from the main market last year, were trading at more than 24p last week but fell after it said trading remained difficult and it was considering additional fundraising.

Yesterday the stock regained some ground to finish up 1.25p at 12.25p.