Outdoor specialist Blacks Leisure has put itself up for sale after concluding that previous fundraising plans were unrealisable, but investors may get nothing from a disposal.

Blacks has been exploring funding options in order to put turnaround plans into action and has been pursuing a refinancing of existing bank facilities.

But the retailer reported that, following meetings with most of its shareholders and potential new investors, it is now examining alternatives including a sale.

Blacks said: “Although the directors were encouraged by the response to the group’s strategic plans and by the support expressed for the new management team, the directors do not believe that the group will be able to complete a fundraising which would provide for the equity requirements of the group on the basis of its current capital structure and indebtedness.”

The retailer said its future now “is most likely to involve a sale of the company or sale of one or more of the group’s brands.”

Blacks’ net bank debt stands at about £36 million and the retailer cautioned: “Given the current level of debt, there can be no assurance that any sale wouldattribute value to the ordinary shares of the group.”

KPMG is handling the sale process, which it is hoped will be finished in January.