Philip Day, the tycoon behind the Edinburgh Woollen Mill, is reportedly looking at snapping up the Coast, Oasis, and Warehouse retail chains.
The group of brands, known as Aurora Fashions, are owned by Icelandic bank Kaupthing, which is looking to sell them on.
Day has been buying up retail businesses, including Jaeger and Peacocks, and it is thought he is now after the three women's clothing brands, according to the Sunday Times. They were put up for sale in November with a price tag of £100m. However, it is thought they will now be bought for less than half that amount.
Like many other retail business, the Aurora Fashions brands have been struggling with the overall fall in sales in the UK clothing market, and the squeeze on consumer spending due to inflationary pressures. Last month's figures for retail sales from the British Retail Consortium (BRC) showed sales fell by 4.4 per cent.
Warehouse, Coast and Oasis were part of Mosaic Fashions, which was owned by Baugur, an Icelandic investment company that collapsed in the financial crisis. Mosaic Fashions in turn went into administration and was saved by Kaupthing, its biggest lender.