Luxury boutique Liberty may find itself in another bidding frenzy. The store is currently controlled by Marylebone Warwick Balfour, the property group run by Richard Balfour-Lynn. The group is breaking up and returning cash to shareholders. A Liberty spokesman insisted it was not being marketed since it was not yet profitable nor a global luxury brand. The spokesman added that MWB had not decided whether to sell outright or place its 68 per cent stake.

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It is understood that Baugur, owner of House of Fraser, may be working on a formal bid. A private equity firm is also thought to be eyeing the Aim-listed store. US investment fund Oaktree Asset Management tried to buy Liberty for £80m two years ago, according to the Observer.