Blacks Leisure mulls takeover interest

The Millets owner has hired advisers to help it field the offers, which are thought to include proposals from at least two private equity firms.

The Daily Telegraph said it was possible that one of the approaches has come from Lion Capital, the owner of AS Adventure Group, which is parent company to the Cotswold Outdoor chain in the UK.

Lion was also seen as a potential suitor for Blacks in 2009, when sportswear millionaire and Sports Direct International owner Mike Ashley said he was considering a bid for the high street business. He remains a significant shareholder in the group.

The firm has endured a turbulent few years but now appears to be on a surer footing after a restructuring left it with a core estate of around 300 stores.

While the retailer's most recent trading figures showed a "disappointing" 7.5 per cent fall in like-for-like sales, it is seen as an attractive target because it has closed many loss-making stores and is cash generative.

Blacks said today: "The board confirms that it is in preliminary discussions with several parties regarding either a possible offer for the company or an offer to acquire certain of the company's trading activities and related assets.

"There is no certainty that any formal offers will be forthcoming or as to the terms on which any such offer might be made."