Troubled womenswear group Alexon has moved forward with its sale process and is considering an offer at a “significant” discount to the current share price.

Alexon said interested parties who have approached the company have entered into non-disclosure agreements before being permitted to participate. Information on the company has been made available to participants.

Indicative proposals to buy the company were submitted on September 16 and one of the proposals received is currently being reviewed by the board before determining the next stage of the sale process. This proposal is at a significant discount to the current share price.

Interested parties taken to the next stage will be given additional information, before being asked to submit a final proposal as soon as possible.

Interested parties should contact Investec, and Alexon said the board has the right to alter the sale process or terminate it at any time. It said there is no certainty an offer will be made.

The move follows the retailer issuing a profit warning on September 5 and revealing it was in talks with a number of potential suitors.

As of September 16, the group’s net debt was £12.9m. While it is exploring its options to put together a more appropriate capital structure, it said it is “operating with limited headroom against its existing facilities and accordingly there is a clear requirement for additional funding in the short term as it enters the seasonal peak in working capital requirements”.

Alexon has also invited and received indicative proposals to acquire one or more of the group’s brands to provide alternative debt financing from a number of trade and financial parties.

Alexon remains in discussions with its lender Barclays.