Emerisque Brands, a private equity business founded by Indian entrepreneur Ajay Khaitan, is reported to have entered talks to acquire high street businesses Oasis, Warehouse and Coast.

According to The Sunday Times, Emerisque has made an offer of £60m to acquire the businesses which fell into the hands of Icelandic bank Kaupthing following the collapse of the Icelandic group Baugur in 2009.

The newspaper reports that Khaitan’s business is being advised by accountants Grant Thornton on the deal and had outbid other interested parties including Edinburgh Woollen Mill owner Philip Day, who recently acquired the Jaeger brand.