Investor raises stake in ATH

The Swedish value investor hiked his stake in the Doncaster-based surface mining group from three per cent in December. He bought much of private equity firm Alchemy Partners’ stake, which now has less than three per cent.

ATH has been beset with geology problems and high fuel costs but predicts a brighter future as legacy contracts end.

Mr Gyllenhammar has a history of investing in poorly-valued companies, particularly in Yorkshire.

Last year he completed the controversial acquisition of Bradford fibres group Chapelthorpe, and also owns part of Yorkshire textiles firm Leeds Group.

“My favourite target is the company that could potentially become the last blacksmith in town,” he told the Yorkshire Post last year.