Iconic London department store Liberty has confirmed it has begun a strategic review of the business to explore ways of developing the brand internationally.

In a statement to the Stock Exchange, Liberty said: “Liberty’s Board of Directors can confirm that, following a strong trading performance during the first half of 2009, it is appointing advisors to undertake a review with the aim of identifying ways in which the business can be developed and expanded, both within the UK and internationally.”

According to reports, Liberty has appointed two mergers and acquisitions specialists — Cavendish Corporate finance and Global Leisure Partners – to help it search for new investors or partners.

A spokesman told The Telegraph: “This is about a strategic review of the organisation on the basis of a fantastic first-half performance. We believe that there is an opportunity to expand the business internationally. Whether this is through bringing in new investors or joint ventures to take it forward, we are not clear at this stage.”

The spokesman refuted claims that Liberty’s owner MWB is wanting to sell its stake in the chain.