House of Fraser has received at least two approaches to buy a significant stake in the business after its Icelandic owners put its shares up for sale.

The Icelandics are preparing to sell a third of the business, according to The Daily Mail, which it reports could be worth up to £100m.

The stake sale is thought to have prompted shareholder Kevin Stanford’s recent request to return to the board of owner Highland Group. The All Saints chairman holds a 10% stake in the business. His return will allow him to influence decisions regarding the share stake.

One of the approaches has been made by a Middle Eastern investor, it is understood.

The department store group has been put up for sale previously but the process was understood to have stalled because of resistance from at least one board member.

The 61-store retailer has been in the hands of Highland Group, a consortium led by now defunct Icelandic investor Baugur, since 2006. Baugur’s 35% stake in House of Fraser passed to Landsbanki following its collapse.

It is believed that any change of ownership will resolve legal issues over share claims that resulted from the collapse.