LK Bennett founder will benefit from bid

Linda Bennett, the shoe entrepreneur, is a step closer to banking tens of millions of pounds after first-round bids were lodged for the LK Bennett chain she founded. The so-called 'Queen of the Kitten Heel' hired advisers to run a £150m auction at the end of last year and the serious bidders are thought to include fashion chain Hobbs, owned by private equity firm 3i, as well as several overseas investors.

There is no guarantee that a deal will be struck - back in 2004 Bennett pulled the plug on a sale after poor Christmas trading meant offers fell short of a mooted £75m asking price. It is not clear how the first-round bids measure up this time, although insiders reported a 'healthy level of interest'. LK Bennett is thought to have defied wider market woes with underlying sales up an estimated 5 per cent over Christmas.