In a statement the company said that the cash offer significantly undervalued its business, despite representing a premium to the market price. It didn’t identify the bidder, nor provide any further details on the offer.

Shares in the leather production company were trading up 11% at 2.35 pence, after jumping as high as 2.75p following the news.

Pittards have tanning operations in the UK and Ethiopia and also own the leather goods brand, Daines & Hathaway.