Basil Brush poised to sweep up troubled Noddy

Basil Brush and Postman Pat, under the guise of their owner, Entertainment Rights, yesterday revealed they have already made a move to swoop on Noddy and friends from the AIM-listed media group Chorion.

Chorion, which also owns the rights to all Enid Blyton's works, including the Famous Five and the Secret Seven, issued a profits warning on Thursday and announced plans to sell its children's division.

The move prompted Entertainment Rights to speak out to Chorion shareholders, saying it approached the board of Chorion last week, expressing interest in making an offer for the whole group at a premium to the then share price, which was 3.75p

Mike Heap, the chief executive of Entertainment Rights, said: "The Chorion announcement [on Thursday] took us by surprise and disappointed us, as we have been seeking to make a recommended offer with the Chorion board and management."

Despite the profit warning from Chorion, Mr Heap is still keen to carry out full due diligence on the company to assess whether he wants to continue pursuing the bid. He is interested in getting hold of the classic brands on Chorion's books. The company's adults division holds the rights to the works of Agatha Christie and Georges Simenon, author of the Maigret detective series. "I want to get in there and meet Noddy and his friends before deciding whether or not to make an offer," Mr Heap said.

Nick Tamblyn, the executive chairman of Chorion, on Thursday said the plan to sell the children's division was designed to fend off the threat of a hostile takeover. Mr Heap said he does not intend to launch a hostile bid, saying in his dealings with Chorion so far, he had "never been so friendly in his life".

Chorion has appointed advisers to sell the children's brands division and expects the sale to fetch about £30m.

The stock has fallen 71 per cent since May, when Chorion was demerged from its night club division which owns the Sugar Reef, Red Cube and Tiger Tiger venues.

Chorion's shares fell 25 per cent to 3p on Thursday after admitting its full-year results would be "significantly below" market forecasts. It blamed bad debts and tough market conditions for the alert. Chorion yesterday said it would make a response to the Entertainment Rights' approach shortly.