Ashcroft to stage City comeback

FORMER Tory Party treasurer Lord Ashcroft is plotting a low-key return to the City as chairman of a £5m Alternative Investment Market-quoted shell company.

Seashell Group, the colourful and controversial businessman's new venture, has been spun out of his Belize-based conglomerate Carlisle Holdings and is expected to become an active investor in UK companies.

A Carlisle spokesman said: 'It will look for public and private companies where it can influence management to maximise shareholder value.'

Shares are being doled out in lieu of a dividend to UK investors in Carlisle. They will hold 16.55% of Seashell when it lists on 31 August and Ashcroft will retain 73.03%.

The Tory party benefactor, worth £750m, is best known for creating the security services group ADT, which he sold to Tyco for £3.4bn.