HUNTERS estate agency - which is chaired by Ryedale MP Kevin Hollinrake -  has been approached  about a possible takeover.

The Property Franchise Group (TPFG), which made the offer now has until January 1 to confirm it.

Hunters has around 200 franchised branches across the UK, including an office in Malton, and is worth around £20m.

Mr Hollinrake, MP for Thirsk and Malton, co-founded Hunters in 1992, acting as Managing Director until February 2015, when he became Chairman.

The statement from Hunters says: "Hunters Property plc ("Hunters" or the "Company") notes the recent media speculation and confirms that it has received a preliminary approach from The Property Franchise Group plc ("TPFG") regarding a possible offer for the entire issued and to be issued share capital of Hunters. 

"The approach is preliminary, and the terms remain subject to ongoing discussion and to due diligence by both Hunters and TPFG.  Accordingly, there can be no certainty that an offer will be made nor as to the terms of any offer, if made.

"A further announcement will be made when appropriate."