Shares in Mike Ashley's Frasers Group PLC (LSE:FRAS) ticked close to 1.5% higher after reports revealed it was nearing the purchase of Ted Baker's British operations after its UK owner collapsed earlier this year.
The Sports Direct owner is believed to be the preferred partner for Ted Baker, replacing its current British licensing partner No Ordinary Designer Label (NODL).
An agreement between Frasers and NODL's administrators is expected to be made within the next few days.
Next and OSL, Ted Baker's US licensing partner, also expressed interest in a purchase of the fashion brand.