The outcome of the sale process for Faith was due to be announced as Retail Week went to press.

Interested parties included private equity firms Epic and Endless, investment and restructuring firms Hilco and GA Asset Advisors, and sportswear retailer Sports Direct.

Faith boss John Kinnaird this week vowed to remain at the helm as he fought to secure an MBO.

Sources said the chain, thought to be profitable to the tune of £3m, could be valued at between £5m and £7m.

It is thought the entire sale process is being forced by Faith’s debt position; it owes about £14m to Barclays, investor Agilo and management, led by Kinnaird. It is understood some bids are based on the purchase of debt at a discount.