Media investment firm National World plc — publisher of The Scotsman, The Yorkshire Post and a number of national and local media platforms — said in a stock exchange statement it “will consider participating in a sale process for Telegraph Media Group.”

Veteran newspaper editor David Montgomery is the executive chairman of National World Plc.

“National World notes media speculation that it is a possible participant in the sale process surrounding Telegraph Media Group and its associated titles,” said the company.

“As the company has previously announced, its growth strategy is rooted in actively exploring opportunities to build its business through acquisitions and implementing its new operating model for owned assets.

“The board continues to evaluate accretive opportunities to grow the business and will consider participating in a sale process for Telegraph Media Group as and when such a process formally commences.

“There can be no certainty that an acquisition will take place nor as to the terms of such an acquisition.

“The company will provide further updates as and when appropriate.”