David Montgomery, the founder of Local World and a former News of the World editor, has confirmed he is in talks to buy JPI Media’s regional titles with his new publishing company.

Montgomery has previously outlined plans to “transform” the local news sector with the newly formed National World by foregoing “archaic industrial practices” and buying up struggling titles.

JPI Media was formed by creditors when Johnston Press went into administration last year after failing to refinance £220m debts.