Shirtmaker TM Lewin has hired accountancy firm KPMG to lead a sale of the business, which could value it at more than £100m.

TM Lewin, famous for its four shirts for £100 deal, is seeking a buyer to help accelerate its international expansion, according to Sky News.

Its sales have been boosted in recent years by its launch in Asia.

However, trade has been tougher in its domestic market. In its most recent results TM Lewin, which has 90 UK stores, reported a profits fall of 18% to £12.1m against sales of £106.5m.

Both private equity groups and trade are expected to be interested in snapping up TM Lewin.