Clothing and shoe firm Alexon Group confirmed it has received a buyout approach but did not disclose who the interested party was.

The company said in a statement released yesterday (5 February) that the offer was not materially above its closing price on Friday of 211-1/2 pence. It also revealed that the offer seemed to be subject to a substantial number of conditions.

Alexon said: "The independent directors would wish to stress that the indicative approach is at a very preliminary stage…there is no certainty that any offer will result."

Industry speculation has placed property company Dawnay Day and investors Baugur at the centre of the approach rumours.

Dawnay Day recently bought clothing retailer Austin Reed while Baugur recently acquired UK department store company House of Fraser.

Alexon retails brands such as Bay Trading Company, Alex & Co, Eastex, Dash, Ann Harvey and Kaliko.

The company recently announced it was selling its Dolcis shoe chain for a modest GBP2.7m (US$5.26m) to Hamsard 3032 Limited.

At the time, analyst Richard Ratner told just-style the deal would be good for the company. He added that he was not convinced Alexon's acquisition strategy had ever been a good one for the business.