Review of Alexon is requested

The lender to Alexon has appointed an accountancy firm to review the troubled fashion group as it mulls takeover offers.

Barclays Bank has hired Grant Thornton to conduct an independent business review (IBR) of the clothing group, which has issued three profit warnings in the last 12 months.

An IBR is a common procedure that is requested by lenders when a financially challenged company explores its options. The appointment of Grant Thornton follows and Alexon statement that said it had received takeover approaches on 5 September, as it "continues to actively explore a number of options for a more appropriate capital structure".

Alexon – which operates six brands, including Dash, Eastex and Kaliko – said it was reviewing a possible offer for its "issued capital".

The company is also thought to be considering selling some of its brands to raise additional cash.