Lord Harris of Peckham has tabled a £12.50-a-share cash offer for Carpetright, to take the retailer he founded in the 1980s private. The Daily Telegraph. The Times. Financial Times

A Harris-led consortium has been granted access to Carpetright’s books so that it can conduct due diligence following more than four months of talks.

Carpetright operates 658 outlets in the UK, Ireland, Belgium, the Netherlands and Poland and the proposal proposal values the business at around £850m.

Shareholders will be given an option to receive shares in the company that will own Carpetright, rather than taking cash, in an acknowledgement by Harris that lots of ‘staff and friends had held shares in the company for a long time.’