Footwear retailer Faith has hired advisers to run a sale which is likely to lead to a management buyout backed by private equity.

The chain, owned by investor John Kinnaird, has hired Grant Thornton to run the sale of the business which has 78 stores and 120 concessions, according to the Independent.

Clearwater Corporate Finance is believed to be advising Kinnaird and his management team on which private equity house to choose.

Although a price tag is unclear at this stage it is likely to be less than the £64m private equity group Bridgepoint paid for the retailer in 2004. The deadline for the first round of bids is likely to be next month.

 Earlier this month Kinnaird sold his fashion chain Envy to a consortium of investors including SKG Capital boss Chris Althorp-Gormlay.

Kinnaird, who once ran the now defunct Dolcis shoe chain, bought Faith out of administration in 2008.