The company – favoured by stars including Cheryl Cole, pictured – revealed in September it was in “very preliminary talks” with EME Capital and was granted ten deadline extensions by the Takeover Panel for talks. The suitor is offering 12.5p a share, double Wednesday’s closing price. The offer, backed by Theo Fennell’s independent directors, values the business at £2.9 million.
Founder Theo Fennell will remain, while Jurek Piasecki – chief executive of watch distributor Nuval – has been lined up as the next chief executive. The stock closed up 5.62p at 11.88p.