Ted Baker had received two non-binding proposals from Sycamore Partners, but both were rejected because the retailer felt they significantly undervalued the business. The second proposal, which was rejected last week, valued Ted Baker at £253.8m.

The company has now received an “improved proposal” from Sycamore, as well as a bid from a third party interested in the company. Ted Baker did not disclose the value of either of the fresh bids for the business.