Fashion jeweller shares rise after bid

Shares in fashion jeweller Theo Fennell rose an incredible

50% after the company said it had received a bid approach.

Designer Theo Fennell said it had received a preliminary approach from EME Capital, a private equity firm.

Shares in the firm, whose customers include the Beckhams and Helen Mirren, had already risen sharply this week.

Although the firm said there was no guarantee EME would make a formal offer, the shares surged in early morning trading.

The company sells jewellery, fashion jewellery, watches and silver objects designed by its founder, art school graduate Theo Fennell, who still owns 16.1% of the company.

After weak trading in the UK because of the economic downturn, the firm has been targeting more affluent markets in the Far East.