Discount retailer Matalan is considering a £1.5bn sale after receiving a number of expressions of interest.

The privately-owned retailer has been approached by private equity group CVC, among others. PriceWaterhouseCoopers is advising Matalan.

Matalan chief executive Alistair McGeorge told The Guardian that he is considering offers but there would be no deal until the new year.

He said: “PwC will have a look at what they [potential purchasers] have got to say, but if we decide there is going to be a formal [sales] process, it is going to go on well after Christmas.”

Sources said the retailer would only be prepared to sell if the price was right.

New Look and Pets at Home are also looking at changes to their ownership structure, with both considering floatations.

Matalan was taken private by its founder John Hargreaves three years ago.

CVC has a track record in retail investments with interests in Debenhams and Spanish clothing retailer Cortefiel.