Apex bidding for House of Fraser

Private equity firm Apax is the mystery bidder for House of Fraser, the £300m department store group. The company is understood to have made contact with the House of Fraser board, although no details have been put forward so far.

The department store chain was forced by the Takeover Panel to issue a statement last week after a steady rise in its share price. The shares closed at 118p last Friday, valuing the group at £279m having climbed from 105p.

If Apax presses ahead with a bid, it is unlikely to have a clear run. Debenham's, the country's biggest department store chain, is known to be monitoring events closely and could become involved.