Fashion retailer All Saints has been put up for sale by its Icelandic shareholders and could be valued at £140m.

The administrators of collapsed Icelandic banks Kaupthing and Glitnir, which hold significant minority stakes in All Saints, have put their shares on the market.

The retailer has appointed Ernst & Young to advise on the sale process according to The Sunday Telegraph. The retailer has 63 stores and 47 concessions worldwide.

The advisory firm is already thought to be in contact with a select group of potential investors.

Entrepreneur Kevin Stanford holds a majority stake in the All Saints. It is understood he will roll over all or part of his stake as part of the deal.

All Saints almost doubled EBITDA to £23.6m in its last financial year ending January 31 2010, when like-for-likes climbed 22%.

The retailer is eyeing further overseas expansion and opened its first store in New York last summer. It intends to continue its expansion plans under any new ownership.