Former Tory party treasurer Lord Ashcroft has increased his stake in Corporate Services Group (CSG), fuelling speculation that he may be about to stage a fresh bid for the company.

Ashcroft bought 2.4m more shares in the company on 31 October, making him the fifth-largest shareholder in CSG. Lord Ashcroft’s Aspen International Development now owns 17.5m shares, 6.39% of the equity.

The news follows the revelation earlier this year that another interventionist organisation, the UK Active Value Group, had increased its shareholding in the company to 29.1%.

In 1999 Ashcroft launched a failed takeover bid for CSG. In light of his latest acquisition, commentators have speculated that he could reach an agreement with Active Value to give him the minimum 30% share of the company necessary to stage a takeover.

CSG is currently in negotiations to sell its French recruitment business Euristt. In the second quarter of this year its operating profit was down to £9.2m from £16,4m last year. CSG is currently £165m in debt, according to a recent article in the Financial Times.

Meanwhile, CSG’s UK chief executive and chairman of Blue Arrow Diana Cornish is to retire from the company. Mark Adams, currently chief executive of AXA PPP healthcare, will be chief executive of CSG’s UK operations with effect from 3 December.

Cornish has more than 30 years’ experience in the recruitment industry and joined Blue Arrow in 1996.