Marlborough, the quoted recruitment firm, has rejected a take-over approach it received last Monday, saying the offer was not in the best interest of the company or its shareholders.

A spokesman for Marlborough declined to name the company which made the approach.

Industry speculation suggested a multinational company with operations in Britain had bid for Marlborough. Such firms include the Swiss employment agency Adecco and the support services group Hays.

It is understood, however, that no formal bid was made for the firm and no substantive discussions took place. "No offer was ever made. All that happened was that an approach was made," said a source close to the company.

The approach, made during last weekend following a 27 1/2p sterling rise to 167 1/2p on the London Stock Exchange last Friday, was notified to the exchange on Monday. Marlborough's stock continued to rise during the week following its announcement of the take-over approach. The share dropped by 5p on the London market yesterday to finish at 222 1/2p, still well up on 140p on Thursday of last week.

The share was unchanged on the Dublin market yesterday, finishing at €2.90, 75 cents ahead of its finishing price last Friday of €2.15.