Dry cleaning group Sketchley has revealed that it is being stalked by a mystery bidder.

Its announcement followed a sudden jump in its share price on Thursday, prompting speculation of an offer or a major deal.

Sketchley, which takes in photo-processing chain SupaSnaps, said approaches had again been made to some of its shareholders by the same potential bidders who first made tentative approaches to the group in September.

In a statement to the Stock Exchange, the company said the earlier approach was on behalf of a company that would be formed to make a bid.

It had asked for confidential financial information, but after consulting its advisers Sketchley rejected the approach.

The same would-be bidder made another approach on December 22, but was again rebuffed.

"Last night, the board of Sketchley was informed that approaches had been made to certain of Sketchley's shareholders in recent days on behalf of this same party," the group said.

"The board of Sketchley, advised by HSBC Investment Bank, have requested clarification of this party's position and in the meantime recommend shareholders take no action."

Investors in the dry cleaning group have had a rough ride over the past couple of years as shares have fallen from 139p in October 1995 to 40p this month. They climbed 6p to 46p on Thursday.

Last July it reported a £4.3m loss after discovering accounting errors in its retail division.

But in December it said it had cleaned up the problem and turned in a half-year pre-tax profit of £3.3m and analysts are now looking for a recovery to £6m for the full year.
 

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