Alexon, the womenswear group which owns Bay Trading and Ann Harvey, has rejected an approach for the company.
Alexon said in a statement that it had received an unsolicited indication of interest to acquire the company from a third party. It added: “No price or other terms were indicated. the board of Alexon has considered the approach and has decided to reject it.”
Alexon added: “The board is confident in the strategy being implemented by the company’s new management team and believes that progressing with this strategy is the best way to enhance shareholder value.”
Jane McNally, who joined the business as chief executive from Peacocks a year ago, has embarked on an overhaul of Alexon’s brands, making them more fashionable and focused. Bay Trading and Ann Harvey have both received a revamp this spring.
In addition, in January Alexon raised its profit target after sales improved at the group.
Alexon also owns the Alex & Co, Kaliko, Eastex and Minuet womenswear retailers. All of its brands operate from standalone stores and department store concessions. It has 1,260 outlets in total.