Bob the Builder has set his sights on fixing a deal with the owners of Thomas the Tank engine.

Hit Entertainment - the company behind Bob - has said it has made a takeover approach to Gullane Entertainment - which also own the rights to Sooty and Captain Pugwash, in addition to Thomas.

The huge success of the Bob the Builder - whose "can he fix it" catchphrase is known to millions of children worldwide - has helped Hit Entertainment enjoy bumper profits.

A tie-up between the two companies would build one of the biggest makers of children's television outside the US.

Building profits

More than two million videos of Bob the Builder have been sold in the US alone.

Heading towards new ownership?

And the character has made more than �100m in merchandise sales in the UK on the back of his BBC series.

Earlier this year Hit said profits for the six months to the end of January had jumped 400% compared to the same period a year earlier.

The firm is using this money to build a media giant in the world of children's entertainment.

Last year Hit spent �190m on the rights to Barney the Dinosaur, and in October paid �16m for Pingu the Penguin.

Express growth

Gullane has also reaped the rewards of owning a successful brand.

Is that a takeover bid on the horizon?

Thomas the Tank engine has also enjoyed global success, with a feature-length film doing good business in the US last year.

While Thomas is Gullane's biggest star, the company also has Sooty, Captain Pugwash, Mumfie, and James the Cat among its portfolio of characters.

And in July last year it spent �45.5m on acquiring Guinness World Records.

Second time lucky?

Hit said it was considering an offer of about 500 pence a share, which would value Gullane at over �150m.

The offer represents a sizable premium to Gullane's closing share price of 380p on Friday.

But it is well below an offer of 750p a share Hit made two years ago for Gullane, which was rejected.

In a statement Gullane said discussions about a possible takeover were at an early stage, and a further announcement would be made when appropriate.