House of Fraser in bid

Apax is gearing up for £300m plus bid for House of Fraser. House of Fraser said after the market closed on Friday that it had received a 'preliminary approach' that may or may not lead to an offer for the company. Apax could make an indicative offer as early as next week, although negotiations are at a very early stage.

It is unclear whether House of Fraser's executive team of John Coleman and David Adams are working with the private equity stalkers but this is thought likely by many retail insiders. Permira will decide this week whether to make a renewed bid for HMV. Permira's initial approach was rebuffed earlier this month. It is understood that Permira's business plan does not include the sale of Waterstones, HMV's book chain.