IT distie Fayrewood Plc has confirmed that it is in talks with potential bidder North Atlantic Value LLP.

Late last month, Fayrewood said it had been approached by a third party company that could lead to a possible buy-out, but the AIM-listed firm kept details of the mystery suitor secret.

It said in a statement yesterday that any potential offer did not represent a "firm intention" of a takeover.

Investment firm North Atlantic Value LLP holds more than £774.2m funds, according to its website. Buoying up speculation that a sale could be imminent, the firm yesterday also increased its stake in Fayrewood to 24.71 per cent.

Fayrewood is currently trading at 125 pence per share on the London Stock Exchange, down two per cent on the previous close. ®

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