Ex-New Look owner eyes up Shop Direct

London - Apax Partners, the former owner of fashion chain New Look, is said to be made an offer for Shop Direct.

The private equity firm has been named as one of the few bidders for online retailer Shop Direct by Sky News. BC Partners, who formerly invested in Phones 4U, is also said to have tabled a bid for Shop Direct. Another unknown party is understood to have made an offer for the online retailer, which includes Very, Very Exclusive and Littlewood fascias.

However, sources claim that a number of private equity firms decided not to make an offer for Shop Direct following discussions as they are said to have been put off by Shop Direct's asking price, as well as the company's reliance on revenues from its consumer credit service. Advent International, Carlyle, Cinven, CVC Capital Partners and Permira are among those believed not to have made a bid for Shop Direct.

Shop Direct's owners, the Barclay Brothers, are understood to be seeking 3 billion pounds for the online retail company. News first emerged in April the Barclay Brothers were exploring options for a sale as they hired Investment bank UBS to oversee the sale process.