Discount retailer B&M has been put up for sale after becoming Britain’s fastest growing retailer.

The retailer is valued at £850m after four years of around 25% growth as the business capitalised on the collapse of Woolworths and pressure on consumer spending.

The three brothers who own the company, Simon, Bobby and Robin Arora, have appointed financial advisors Rothschild to help sell a significant stake in the company, the The Telegraph reported.

Private equity investors, including CVC, have already been invited to talks to take majority ownership of the business.

The brothers acquired the then loss-making business seven years ago. Now, it has £1bn of sales and is opening stores at a rate of one a week after buying former Woolworths, Focus DIY and Kwik Save stores.

It now has a workforce of more than 10,000 staff and its pre-tax profit was £51.7m in the year to December 31, 2011, up from £35.4m the previous year.

Rival discount retailer Poundland was sold in 2010 to Warburg Pincusfor £200m.