Lakeland has become the latest takeover target for Modella Capital, owner of Hobbycraft and The Original Factory Shop.
Sky News has reported that Modella Capital is among a small number of parties in the running to acquire a controlling stake in Lakeland.
Hilco, the former owner of HMV, is also said to be interested in the retailer. At least one other bidder is also thought to be in the process.
Lakeland is understood to be seeking new funding as it faces headwinds including the increased to National Insurance.
