Liberty receives takeover approaches

LIBERTY could be taken over in a deal of up to £70m after more than one potential buyer has emerged.

The Regent Street department store told the stock market today that it had received approaches from potential bidders for the business.

It said in a statement: "The Board of Liberty confirms that it has received approaches which may or may not lead to an offer being made for the Company.

"At this stage, it is too early for the Board to determine whether or not these discussions will result in any formal offer being made for the Company."

The stores controlling shareholder with a 68 per cent stake is property group MWB started looking for new backers or potential bidders back in July last year.

Liberty has previously said it was looking at a sale and lease-back deal on its mock-Tudor building in Great Marlborough Street.

There has been speculation that Marco Capello, the former managing director of Merrill Lynch's private equity arm, is the frontrunner to buy the business in a £40m sale and leaseback deal through BlueGem Capital Partners, his investment fund.