Petchey ups Jarvis stake again

Investment tycoon Jack Petchey has increased his stake in Jarvis Hotels from just over 9% 10.5%, it emerged today.

The cockney entrepreneur made his millions investing in undervalued firms and has been gradually building up his holdings in Jarvis.

Petchey's initial 4.6% stake in Jarvis emerged just before the company reported a 41% drop in profits for the last financial year.

Petchey, renowned for his investment in property companies and motor dealers, recently moved into hotel groups, acquiring stakes in Queens Moat Houses and Hanover International.

At Queens Moat he bought a small stake then launched an offer for up to 26%. Petchey doubled his holding in Hanover at the end of May following a profits warning.

Petchey is adept at realising profits from his investments, whether through bringing out a bidder at a higher price or advertising that a company has hidden value and taking advantage of the ensuing price rise.