New Look founder Tom Singh was on Sunday reported to have offered around 345 pence per share in a move which values the fashion chain at around £700 million.

The Sunday Times said Singh had upped his previous offer of 330 pence a share as he looks to take control of the operator of more than 600 stores in the UK and France.

It added the firm's independent directors could reveal whether the bid is high enough as early as today.

A report in The Financial Mail on Sunday said Singh had offered around 350 pence a share and is now talks with the board of the Weymouth-based retailer.