Variety store chain Instore has announced that it has been in preliminary discussions about a possible takeover bid.

The group said it has been in talks with a third party, which may or may not lead to an offer being made for all of the shares of the company.

Although there is no certainty of an offer, a further announcement is expected in due course.

In the year to March 1, Instore, – which also operates as Poundstretcher – made a pre-tax loss of£2.3 million, down from a loss of£9.1 million the previous year. Turnover was up 6 per cent for the period to£296.8 million and gross margin rose 1 per cent.

Topics