Preston-based pub and hotel operator Honeycombe Leisure is in talks with a potential buyer.
The group, which is listed on the Alternative Investment Market, revealed today that it has received preliminary approach from a third party.
In a statement it said: "It may or may not lead to an offer being made for the company."
Honeycombe stressed that discussions were at an early stage.
The group was founded in 1976 and now operates a managed estate of around 150 pubs, bars, inns and hotels in the north of England.
In the year to 1 May 2005, Honeycombe reported a pre-tax loss of £800,000 compared with a loss of £100,000 for the previous year.
Turnover grew by 7.7% to £36.24m.
By Angela Frewin
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