Shirt specialist TM Lewin could be put up for sale with a price-tag of as much as £100m.

Over the last month the 115-year-old retailer has held talks with potential advisors about strategic options, The Independent reported.

The retailer, famous for its four-shirts-for-£100 offers, has grown to 137 shops, including 42 overseas, but performance has been mixed in recent years.

In the year to March 2012 underlying profit at TM Lewin fell 18.4% to £12m as higher costs, particularly of cotton, had an impact.

Chief executive Geoff Quinn is the majority shareholder in the retailer. There has been speculation that minority shareholder Caird Capital would like to exit next year or before.