According to information obtained by News, Very Group, led by former Conservative chancellor Nadhim Zahawi, made a first bid to purchase N Brown a few weeks ago.
According to sources, the offer was made at a lower price than the 40p offer that Joshua Alliance’s board suggested from N Brown this week.
On Friday, there was no indication that Very Group was getting ready to make another, bigger bid.
Following its announcement on Thursday morning, the £191 million take-private of N Brown caused shares of the company to soar in value.
According to reports, Very Group has long been considering a combine with it.
The announcement of its offer coincides with Very Group starting to investigate a possible sale that would fetch around £2 billion.
Earlier this month, news broke that Morgan Stanley, JP Morgan, and Barclays were being considered to lead a strategic review of the company.
In the past 18 months, the Barclay family, who run Very Group, has been forced to give up control of The Daily Telegraph and The Spectator magazine.
