Venture capitalists Alchemy Partners are set to launch a fresh bid for British clothing manufacturer William Baird, a newspaper claimed on Sunday.

According to the Independent, Alchemy Partners' managing director Jon Moulton will decide whether to bid for Baird when the clothing maker releases its trading statement on Tuesday or Wednesday.

Last January, Alchemy withdrew from an initial takeover bid. Under city rules, it is banned from making another offer for a year - a deadline that passes this Friday.

Baird's shares closed at 49p on Friday, just above an all time low, and giving the company a market capitalisation of £57.4 million. The paper claims if a bid is made it is likely to be less than the 75p a share offered in 2001.