Ben Sherman thought to be close to sealing the deal on its sale

London - Ben Sherman is said to be close to sealing the deal on a sale to one of two potential US buyers over the next coming weeks according to industry sources.

Discussions for the sale are said to have entered the "final furlong," reported Drapers, as two possible buyers are thought to be competing for the British heritage brand. "There are two US buyers with offers on the table with some serious money at stake," said one men's wear industry source. Offers for the men's wear brand are believed to be in the area of 50 million pounds.

An unnamed private equity investor revealed they were interested in the label, but backed down following tough competition. "We looked at it and put in an offer but a big US corporate - I think a retailer or brand house - has put in an offer that was about 10 times what we did. Ours was what we’d call market price because the business has been loss making for years, but they might be able to see something we can’t. [Perhaps] they can integrate it into their existing supply chain/routes to market."

The US owner of Ben Sherman, Oxford Industries, previously put the label up for sale in March, following the brand's weakened performance in comparison to sister brands Lilly Pulitzer and Tommy Bahama owned by the company.