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Rolling coverage of the latest economic and financial news, as US adds 353,000 new jobs in January

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Shares in the fashion retailer Superdry have surged by almost 80% this morning amid takeover speculation after a new investor began building a stake in the company.

Superdry shares have hit their highest level since 18 December last year, at 38.7p.

It is understood that First Seagull considers Superdry to be ripe for a bid after a series of profit warnings over the past year drove down its share price. Sycamore Partners, an American private equity company, and Authentic Brands Group, which owns Ted Baker and Forever 21, are said to have Superdry on their radars.

It's just a matter of time before there's an offer.