Department store chain James Beattie has confirmed that it has received a second bid approach for its business, following its agreement to be bought by competitor House of Fraser for £69.4 million.

Beattie, which operates ten stores under the Beatties name, said in a statement that it had had "recently received an unsolicited approach from a third party".

Beattie has not yet disclosed the identity of its second suitor, but weekend media reports said that popular high-street name Debenhams was contemplating making a counter-bid for the chain.

However, the company added that it would still "unanimously recommend" the first offer to its shareholders.