SHARES in clothing supplier William Baird plunged more than 17 per cent today after plans for a £87.9m management buy-out were thrown into doubt.

The buy-out vehicle, backed by venture capital group Alchemy Partners, said ''certain information'' had been disclosed by Baird since it launched its offer which it believed was central to the deal.

No further details were given about the ''information'' by either Alchemy or by Baird, but it is believed to focus on the level of the clothing supplier's debt.

In November last year Baird sold its BMB Menswear business in a £19m MBO guaranteeing the future of its Hartlepool base which employs 140. Baird still retains a corporate clothing factory in Skelton, East Cleveland employing around 100.

Baird issued an encouraging trading statement to reassure the City, yet investors still reacted nervously, pushing shares down 13p to 63p.

A spokesman for Baird said the buy-out vehicle - Barid - had been given until February 1 to decide whether it wanted to progress the 75p-a-share deal.

He added: ''This is an unfortunate situation, and we are hoping that a positive resolution can be secured.''

Alchemy Partners has a 29 per cent stake in Baird and has had complete access to the clothing supplier's books during the MBO process.

The buy-out, announced last month, is being led by Baird chief executive David Suddens.

The possibility of an MBO first emerged last May, after Baird lost a supply arrangement with Marks & Spencer.

The firm was forced to close more than a dozen factories and axe over half its workforce - around 4,500 staff.

Baird said the sale of menswear division BMB had now been completed, and added that sales across its remaining brand businesses last month were 6.5 per cent higher than in the corresponding period in 1999.

Womenswear sales last month were 18 per cent up on the figure for December 1999, while full-year womenswear sales were 11.6 per cent higher than the equivalent figure for the year before.

The company reiterated however, that profits from Baird's Lowe Alpine business would fall below previous expectations.