A sales memorandum is in circulation for the family-owned TV rental and white goods retailer Martin Dawes, according to The Independent.

If a sale is successful it could end the 40-year involvement of the Dawes family.

As well as the TV rental operation Martin Dawes sells home entertainment systems and white goods.

A sale would be the third transaction for owner Martin Dawes. He made £70m from the sale of his Martin Dawes Telecommunications business to Cellnet in 1999. In 2002, he made up to £29m by selling his 35 per cent stake in Opal Telelcom, which was bought by Carphone Warehouse.

According to Companies House figures, Martin Dawes made a pre-tax loss of £2.6m for the year to June 30 2007 prior to the downturn.