It's unclear what will be the Warehouse Group's next steps

Founder Sir Stephen Tindall, who remains a majority shareholder, has shown potential interest in acquiring its shares with Andamantem Capital Partners.

The company's confirmed it's received an approach, and is advising investors not to sell shares, pending further advice from directors.

Shareholders association CEO Oliver Mander says they're not sure what to make of the approach.

He says it's not a classic non binding indicative offer, or a scheme arrangement.