ANTON BILTON - a mainstay of the London party circuit - was yesterday considering a bid for one of the most staid names on the high street.

Despite Mr Bilton's many property deals, the multimillionaire's love-life - especially his relationships with Tara Palmer-Tomkinson and Lisa B, the "model-turned-actress" - has always guaranteed him far more publicity in London's social columns than in the financial pages.

But a takeover of Austin Reed would change all that.

Mr Bilton, the grandson of Percy Bilton, the late and great property developer, was described in this year's inaugural Estates Gazette rich list - compiled by the people behind The Sunday Times rich list -as "a chip off the old block".

Earlier this month a bid vehicle he set up launched a £48 million all-share offer for Swan Hill, the upmarket home builder. Two days later the bid went unconditional after more than 51 per cent of shareholders accepted the offer.

The Swan Hill takeover came on the heels of Mr Bilton's acquisition of Po Na Na, the failed bar and nightclub operator, in August. Avanti Capital, the fledgeling private equity group that counts Mr Bilton and Damian Aspinall, the zoo owner, among its directors, bought the Po Na Na brand and 28 of the group's 45 bars for a reported £7 million.

Mr Bilton - whose family pocketed £71.7 million from the sale of its 19.4 per cent stake in Bilton, the property company founded by Percy Bilton - was also involved in the 1999 acquisition of Pillar Property's office portfolio for £78 million.

Last year he bought a "significant" stake in Warner Bros Studio Stores UK and also pumped money into Durlacher, the stockbroker turned mini investment bank.

The Raven Property Group, of which Mr Bilton is chief executive and the majority shareholder, has bought 11 hospitals in recent years, and in 1998 it paid a reported £10.5 million for an NCP car park on Wardour Street, London. The group reported profits of £l.6 million last year on turnover of £14 million.

Friends say Mr Bilton likes "undervalued companies", regardless of the sector, but is particularly interested in ones with "underlying property assets".