Sanctuary Group, the financially troubled British music company, is in the crosshairs of a takeover move.

Following a significant rise in the independent company's shareprice, Sanctuary confirmed today that it "has received approaches from third parties that may or may not lead to an offer for the company."

A further announcement will be made "in due course," it added in a statement to the London Stock Exchange.

The London-based firm -- which has helped relaunch the careers of Morrissey, Robert Plant and Alison Moyet, among others -- issued an update after its stock-price rose 40% today to 15.75 pence.

Sanctuary's assets have been circled by a handful of suitors in recent years. British music firm MAMA Group made a formal bid to acquire Sanctuary Group in July 2006, but withdrew before the year was out.

A year earlier, the company announced it had entered into "exploratory discussions" on a possible buyout. Those talks, understood to involve Warner Music Group, were ultimately abandoned.

Publicly-traded Sanctuary had said last month that its recorded product division "continues to suffer," and warned that it would not achieve overall profitability until 2008 or later.

As reported in March, the company has been pushing ahead with a program of strategic disposals, including the sale of its stake in the independent Rough Trade label. British indie powerhouse Beggars Group is understood to be in talks for Rough Trade.