Icelandic retail group Baugur has received more than five bids for health food retailer Julian Graves.

A mixture of trade buyers and finance houses had expressed an interest in the retailer and Nick Shutts, Julian Graves' founder and CEO, is also considering making a bid, according to the Independent.

“My management team and I would be delighted to require the business,” Shutts is reported to have said this week. “I firmly believe the management team and I have the right people to take this business to the next level.”