Honeycombe Leisure, the troubled operator of managed pubs, has this morning announced that it has received a preliminary approach from Sandy Anderson, its chairman, regarding a possible offer for the company. Anderson’s approach is at a “material discount to the current share price”, according to the company, which stood this morning at 9p, capitalising its shares at just £3.85m Honeycombe said that discussions with Anderson are continuing, although it emphasised that there “can be no certainty that any offer will be made nor as to the terms on which any offer might be made”. It also said that following an extensive marketing campaign it had received no offer for the business, which it felt it was “able to pursue”. Honeycombe invited takeover offers for the group in July following a strategic review, appointing Rothschild, the investment bank, to handle the auction process. The group, which owns or manages about 115 bars, pubs and hotels, announced last year that it had received a preliminary approach from a third party.. Talks regarding this approach were terminated in June. The group’s estate is currently worth £36.5m – 3.7% less than three years ago. Shares in the company were valued at 70p in 2004, equating to a capitalisation of £22m.