TJ Hughes has begun a formal sale process, which could value the discount department store chain at about £70m.
The retailer, which is backed by private equity firm Silverfleet Capital, issued an information memorandum for the 52-store chain this week.
TJ Hughes chief executive Sue Tennant told Drapers that the business was “open-minded” about the type of buyer it would consider.
It is understood that a small number of trade players have been sent the memorandum. First-round bids are due on April 29 and the process is being overseen by corporate advisory boutique Hawkpoint.
Liverpool-based TJ Hughes was bought by Silverfleet in November 2003 as part of a management buyout worth £56m.
Tennant said the business had a “strong Easter after a strong Christmas” and continued to perform “well”. Like-for-likes rose 4% over Christmas, and in the year to January 31, 2009, turnover swelled 9.1% to £261.3m and EBITDA jumped 30% to £9.2m.