Hardware chain Robert Dyas is to be put up for sale by the banks which own it.

A beauty parade was held by Lloyds Banking Group and Allied Irish Banks (AIB), which own the majority of the retailer, to find an adviser to oversee the a review of potential sale options according to Sky News.

Cavendish Corporate Finance is likely to be appointed as adviser.

The chain, which operates 100 shops, is understood to have a price-tag of just £25m.

Lloyds and AIB secured Robert Dyas’ future two years ago through a debt-for-equity swap. Debts were halved to £15m under the deal and its annual borrowing costs were cut by £2m.

The company reported pre-tax profits of £2.7m in its year to March 27,  turning around pre-tax losses of £10.4m from the prior year.

Robert Dyas, Cavendish and Lloyds declined to comment.