Lingerie etailer Figleaves has appointed advisors after receiving several approaches to buy the business.

Figleaves, which was set up in 1998, has hired corporate finance company GP Bullhound to advise it and is expected to be valued at £40m, according to The Sunday Times.

It is unclear where the bid approaches have come from but it is thought that a mixture of lingerie retailers and private equity firms have shown interest.

The majority shareholder in Figleaves is currently Balderton Capital, which is understood to own 40%. Founder Daniel Nabarro also has a stake, as does chief executive Julia Reynolds and her team.

Reynolds is widely credited with turning around the fortunes of Figleaves, which is expected to turn a profit for the first time this year, following innovations including the introduction of own label lingerie and clothing.