British high-street clothing retailer Ted Baker has selected its preferred suitor after reviewing a number of non-binding takeover proposals.

The update on the formal sell process follows the company’s decision to begin a formal sales process last month.

As part of the process, Ted Baker revealed that it had chosen a preferred counterparty and will soon enter into a due diligence process.

The company did not reveal the suitor’s identity but confirmed that US-based private equity firm Sycamore Partners Management is not part of the formal sale process.

The divestiture process is expected to take several weeks.

In its filing, Ted Baker said: “There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. Further announcements regarding the formal sale process will be made when appropriate.

“The Board of Ted Baker reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate.

“The Board also reserves the right to reject any approach or terminate discussions with any interested party at any time.

“The Board confirms that Sycamore Partners Management is no longer participating in the formal sale process.”

Ted Baker previously rejected two takeover bid proposals from Sycamore Partners in March this year.

Sycamore initially offered £1.30 a share for each of the retailer’s shares and later increased this by 5.8% to £1.38 a share last week, which valued the retailer at £254m ($334m).

Ted Baker’s board of directors concluded that both deals ‘significantly undervalued’ the company.

Ted Baker operates a network of 377 stores and concessions worldwide, including 92 stores in the UK and 95 in North America.

The company distributes across five continents through its three main channels, namely retail, wholesale and licensing.