First round bids have been submitted for a stake in high-street discounter B&M Retail.

Bids have been lodged by private equity firms Apax, Cinven and BC Partners after a “significant” stake in the retailer, which trades as B&M Bargains, was put up for sale last month with a price tag of £850m.

B&M, which has 290 stores and is fourth on The Grocer’s Top 50, is owned by Simon, Bobby and Robin Arora. They declined to comment.

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