The boss of Cheltenham-based Superdry is reported to be in talks with investors, as he considers a takeover of the business.

Julian Dunkerton, founder and CEO, is in discussions with Rcapital, which previously owned Paperchase, and Laura Ashley owner, Gordon Brothers, about backing his take-private bid, as reported by Retail Gazette.

He already owns 20% of the fashion brand, which confirmed on Friday (February 2) that he is in discussions with potential partners about funding a cash offer for the business.

The talks are at a very early stage and no decisions have been made. Julian Dunkerton has until March 1 to confirm whether he intends to make a bid for Superdry.

Superdry reported a 23.5% fall in half year sales, at the end of January, which it said was impacted by the challenging consumer market, unseasonal autumn weather and the underperformance of its wholesale business.

The business's share price has fallen 64% over the past 12 months.

Superdry is currently working with advisers from PwC to explore its options, including potential store closures.