The owners of specialist retailer Footasylum are considering selling a stake in the business.

A deal could mean that the families of JD Sports founders John Wardle and David Makin make £40m on their shareholdings, The Sunday Times reported.

The pair own 10% of Footasylum. The remainder is owned by Makin’s children including Clare Nesbitt, who runs the business.

The Wardles and Makins have reportedly drafted in investment bank GCA Altium to conduct a stake sale.

Footasylum was established by former Manchester City chairman Wardle and Makin after they sold out of JD Sports.

Founded in 2005, Footasylum has approximately 55 UK stores and describes itself as “one of the leading retailers of fashion street wear and sportswear”.

In the year to February 28, 2016 Footasylum generated sales of £110m, up almost 42% year on year. 

Pre-tax profits were £3.5m.