White Stuff prepares for sale or flotation

According to the Independent founders and majority shareholders Sean Thomas and George Treves, who control 75% of the equity, are said to be considering which advisor to appoint with a view to selling stakes in the business in the next 18 months.

The business is understood to have been valued at about £150m.

Chief executive Sally Bailey said the owners were keen on selling the business but the timing of a sale would depend on conditions on the high street.

White Stuff, which has around 75 stores in the UK, is privately owned by its founders and management, with no private equity connections, although it has previously held talks with private equity houses such as Phoenix Equity.

In March the retailer announced it would expand into foreign markets as chairman Vince Gwilliam stepped down from his role to become senior independent director.

It was understood he would devote more time to his job as a partner and head of the consumer team at Bridgepoint, the private equity house that owns HobbyCraft.

Last year White Stuff reported a record year for the 52 weeks to May 1, when sales surged 43% to £83.7m and EBITDA jumped 38% to £18.4m.