Very Group made recent offer for N Brown - reports

Online shopping firm Very Group was reported on Friday to have made a recent bid to acquire N Brown, the owner of fashion brands Simply Be and Jacamo, at a price lower than the 40p-per-share offer proposed by Joshua Alliance.

According to Sky News, its sources suggested that the offer from Very Group - chaired by former chancellor Nadhim Zahawi - was made in the weeks leading up to N Brown’s decision to recommend the Alliance bid, which would take the company private in a deal valued at £191m.

That announcement earlier this week led to a notable rise in N Brown’s share price.

Although Very Group had expressed interest in N Brown for some time, Sky said there was no indication that it would return with a higher offer.

At the same time, it said Very Group was reportedly exploring a sale of its own business, which could be valued at around £2bn.

Barclays, JPMorgan and Morgan Stanley had been appointed to oversee a strategic review of Very Group as part of the potential sale, Sky News said.

Both companies declined to comment on the developments.

Reporting by Josh White for Sharecast.com.