The owners of Peacocks have received an approach for the business two weeks after the value chain’s management pulled a sale process.

Peacocks is understood to have received two bids from two private equity houses for about £500m, some £100m less than the retailer’s asking price, which was understood to be around £600m.

A spokesman for Peacocks denied that the retailer had begun another sale process and did not comment further.

Peacocks pulled its sale process at the beginning of this month after insufficient interest from potential bidders.

The chain is backed by hedge funds Och-Ziff and Perry Capital, which hold a stake of 25%, and investment bank Goldman Sachs which has 10%. Chief executive Richard Kirk owns 30%.

The retailer has 900 shops in the UK, including those trading under sister fascia Bonmarche, and has been expanding in Eastern Europe and the Middle East.

Following the axed sale the retailer said that it would continue to expand overseas.