French Connection has been approached by two separate companies for a potential buyout.

Spotlight Brands and Go Global have been named as the two possible buyers.

The announcement pushed company shares 30 per cent higher on Friday, which puts the retailer’s value at around £20 million, The Guardian reported.

The fashion retailer was in talks with several parties about a formal sale in 2019, but failed to secure a deal.

The clothing brand said that current discussions with both companies were still in the very early stages.

“Accordingly, there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made,” said the retailer.

Further announcements about the potential sale are expected to take place no later than 5th March.

The company said that firm intentions to make an offer for the sale of the business must be made by Spotlight Brands and Go Global by 5th March 2021.

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