Edinburgh Woollen Mill bids for Blacks

Knitwear retailer Edinburgh Woollen Mill has submitted a bid

to acquire Blacks Leisure, the troubled outdoor clothing retailer it has been reported.

Blacks Leisure, which also owns brands Peter Storm and Eurohike, put itself up for sale earlier this month as it struggled with debts of £36 million. Potential bidders had to register interest with the sale adviser KPMG, and reports suggest other retailers who submitted first round offers include Mountain Warehouse, Go Outdoors and Cotswold Outdoor.

Edinburgh Woollen Mill, which has more than 500 stores, bought a number of Jane Norman stores in June following the fashion chain's collapse into administration.
Shares in Blacks Leisure surged as speculation over potential bidders escalated but the price is still down 96 per cent since the start of the year, giving the company a market value of £1.4m.

KPMG is expected to sell the company under a pre-pack administration so the winning bidder can pick it up free of liabilities.