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Fashion group Alexon rejects bid approach

Alexon, the fashion clothing group which owns brands such as Ann Harvey and Bay Trading, has today announced receipt of an unsolicited approach for the business. While the offer has been rejected out of hand and no details of the proposed terms released many believe this is a sign that investment capital is returning to the market and the UK retail sector could be over the worst.

When you consider that sales at Alexon fell by 10.5% in the 23 weeks to January 3, 2009 this does not look like a company which is in a healthy financial state. However, as we have covered over the last few days there is a belief that the UK recession is starting to stabilise although when we will see this show itself on the high street remains to be seen. Retailers are hoping for significant assistance from Gordon Brown and Alistair Darling in the budget on Wednesday, but while there have been leaks regarding a credit insurance scheme, there would appear to be little else on the horizon.

Even if the UK recession was to end tomorrow this would have come far too late for many retailers in the UK who have been "holed below the waterline" and are literally being kept alive by their banks who will look to sell up as soon as possible.

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