Footwear brand Shellys is understood to have been put up for sale after parent company Stylo received a number of unsolicited approaches for the business.
Stylo is thought to be seeking offers of between £1 million and £2m for Shellys, which closed its flagship store in London’s Oxford Circus earlier this year. It is already thought to have received interest from trade players in the UK and overseas.
Stylo is believed to be keen to offload the brand, which has three stores, after it struggled to compete in the crowded middle market against bigger competitors such as Office and Schuh.
In September Stylo signed up footwear veteran Richard Wharton to revitalise the Shellys concept, but management is understood to have changed their mind and asked Wharton to address more pressing issues in its core Barratts chain instead.
A source close to Shellys said: “Stylo is a public company so it has to look at any serious approaches, but nothing official has been put on the table yet. Shellys has received a few approaches but none of them offered enough. If someone was to offer between £1m and £2m, it would be taken seriously.”
Stylo reported pre-tax losses of £7m for the year to February 2, on sales of £240m.