Hardware chain Robert Dyas is to be put up for sale by the banks which own it.
A beauty parade was held by Lloyds Banking Group and Allied Irish Banks (AIB), which own the majority of the retailer, to find an adviser to oversee the a review of potential sale options according to Sky News.
Cavendish Corporate Finance is likely to be appointed as adviser.
The chain, which operates 100 shops, is understood to have a price-tag of just £25m.
Lloyds and AIB secured Robert Dyas’ future two years ago through a debt-for-equity swap. Debts were halved to £15m under the deal and its annual borrowing costs were cut by £2m.
The company reported pre-tax profits of £2.7m in its year to March 27, turning around pre-tax losses of £10.4m from the prior year.
Robert Dyas, Cavendish and Lloyds declined to comment.
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