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Two bidders remain in frame to buy Blacks

Two bidders remain in the frame to acquire outdoor specialist Blacks Leisure, according to reports.

Rival outdoor retailer Go Outdoors and investor Lloyds Development Capital, which holds a stake in fellow outdoor chain Mountain Warehouse, are the final two left in the running to buy Blacks, according to The Independent on Sunday. The sale is thought to be nearing completion.

Blacks appointed corporate finance advisory firm McQueen to advise on a possible sale in October after receiving multiple approaches.

The retailer is midway through a turnaround. It underwent a company voluntary arrangement in November 2009, which saw it exit almost 100 stores.

Blacks had a successful Christmas period with the cold snap helping it rack up like-for-like sales growth of 10.2% at its core outdoor division.

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