SHARES in economic development firm Enterprise have rocketed after a possible bid approach.

Last month the firm's management team announced it is considering a buyout of the company.

Now another approach has been received from an unnamed third party which may lead to a rival offer.

"Discussions are at a very early stage and there can be no certainty that a formal offer will be received as a result of these

approaches. Shareholders will be advised of further developments," said a statement issued by independent directors of the firm.

Shares rose by 18p to 110p on the news.

The possible management buyout announced last month would be led by chief executive David Taylor.

That announcement came after two directors quit the firm in a surprise move.

Charles Brocklehurst, deputy chief executive of the Preston-based firm and colleague Dennis Artess, both resigned their posts.

In a short statement issued by Enterprise at the time, the firm said the two had left to pursue their careers "in other directions."

Enterprise, formerly Lancashire Enterprises, is heavily involved in projects across East Lancashire, including the Technology Management Centres in Blackburn and Accrington.

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