Liberty up for sale?

Boutique department store Liberty confirmed on Friday that it has been approached by possible bidders for the group, although it declined to give any update on the possible sale of it's landmark store off London’s Regent Street.

“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 approaches are the result of a six-month management review of the business, which has been seeking ways to expand its operations.

Liberty operates a department store on Great Marlborough Street that sells clothes from a wide range of designers, as well as Liberty-branded products.

The company also creates fabrics for use by designers, and licences its distinctive floral patterns for use by other apparel companies such as running-shoe manufacturers. Last year, Nike released a limited edition range made using Liberty patterns.

Liberty declined to comment on the possible sale and leaseback of the Great Marlborough Street property, an option that it first revealed it was considering only last week. The building is expected to make about £40m in a sale, on a 5 per cent yield.