Whistles chief executive Jane Shepherdson is on the hunt for a new investor for the fashion retailer, according to reports.

The well regarded Sheperdson, former boss of Topshop, is holding talks with potential buyers and has hired KPMG to run the process, according to Sky News.

Details of the planned sale are unclear, including the size of the stake on the table, and also Whistles’ current trading performance.

Whistles is chaired by retail veteran Peter Davies, and the management team collectively owns a significant stake in the business.

Whistles’ latest company accounts reveal turnover of nearly £63m but a pre-tax loss of £2.2m after the retailer invested in menswear and the US, and online. It also attributed the loss to a “difficult retail trading environment”.

Whistles operates about 50 shops in the UK and Ireland, and more than 75 concessions.