Blue Inc has hired professional services firm Begbies Traynor to find a buyer in a bid to secure a new cash injection.

The chain is seeking new owners to take control of the business “in the short term”, according to Sky News.

The long-struggling retailer has been through multiple restructuring processes over the years to try and secure its future.

In 2017, it successfully implemented a CVA after falling short of capital by just £3m. The retailer needed to both buy more stock and pay debts including £1.8m of rent in arrears.

That came just months after suppliers which the retailer had been in debt to converted their debts to equity to engineer a takeover plan.

The retailer is the latest in a long line to battle for survival this year. Businesses including New Look have pursued CVAs while many others such as Maplin, Toys R Us and Poundworld have all entered administration.

High street anchor tenant House of Fraser has shut stores under new owner Mike Ashley while fellow department store chain Debenhams is mulling a CVA to shed unprofitable stores.