Kent rumoured to have bought up to 10 per cent of shares in McAlpine target - New player builds 10% stake in Raine

Michael Kent, the entrepreneur who recently bought in to Exeter-based construction group EBC is reported by industry sources to have built a 5 to 10 per cent stake in Raine. The move could make Alfred McAlpine's œ44 million agreed bid for the national contractor more difficult.

Last week, McAlpine extended the deadline for Raine shareholders to accept its bid, from 30 May to 13 June. At the first deadline 33 per cent of Raine shareholders had showed no signs of selling.

Kent sold his first business, M P Kent Homes, a housebuilder in the south west, back in 1981 to Brian Beazer who was then at the height of his buying spree.

After a quiet spell, Kent surfaced later as a major shareholder in the Bristol Evening Post newspaper.

In 1989 he bought Olive Paper plc for œ2.5 million. He reformed the Lancashire papermill before selling it to its management. The company owned 80 acres of land; Kent sold 10 of them for housebuilding at a price that recouped his entire initial investment.

Kent kept the company, now trading as Olive Property, before selling it to Tony Grant, senior partner in estate agents Grant & Partners, in 1994.

An industry source said this week: "Michael went quiet again and then bought a holding in EBC some 12 months ago. At first EBC were against him but now they are not worried because of his proven record of identifying opportunities.

"Now with a 14 per cent stake in EBC, Michael has been made a main board director."

As CJ went to press, Kent was unavailable for comment.