Candover, a private equity house, has confirmed it is interested in bidding for the Telegraph Group, the UK national newspaper company, and have agreed with Lord Fowler, a UK peer and former journalist on The Times, that he will chair the group.

It is understood that Candover has also approached Jeremy Deedes, managing director of the Telegraph until retiring a month ago, to join the buy-out team. Candover declined further comment, but said Lord Fowler was the only member of the team definitely lined up. Lord Fowler and Deedes were unavailable for comment.