Young fashion chain AllSaints has been put up for sale by its collapsed Icelandic backers, with a potential price tag of £140m.
The liquidators of collapsed Icelandic banks Kaupthing and Glitnir, which hold significant minority stakes in AllSaints, have appointed Ernst & Young to advise on the sale process.
AllSaints said that the banks “are looking to exit and realise a return on their investment”.
The Icelandic banks are also understood to be looking to exit a range of other British fashion retail investments, including House of Fraser and Oasis-parent owner Aurora, according to the Sunday Telegraph.
Entrepreneur Kevin Stanford holds around 60% of AllSaints. It is understood he will roll over all or part of his stake as part of the deal.
Ernest & Young is already thought to be in contact with a “select” group of potential investors.
AllSaints almost doubled its EBITDA to £23.6m in its last financial year, which ended January 31 2010, as like-for-likes climbed 22%. The retailer has 63 stores and 47 concessions worldwide.
The retailer is eyeing further overseas expansion and opened its first store in New York last summer. It intends to continue its expansion plans under any new ownership.