The owner of Edinburgh Woollen Mill is reported to have appointed a business advisory firm to sound out potential buyers for budget fashion retailer Peacocks.

Philip Day, who owns Edinburgh Woollen Mill Group, which includes the Edinburgh Woollen Mill, Jaeger and Austin Read brands, has appointed FRP, which provides restructuring services, as reported by Retail Gazette.

But while some reports say this is a valuation process rather than a sales process, it is reported elsewhere that FRP had asked for offers by last Friday for both Edinburgh Woollen Mill and Peacocks, as reported by Retail Gazette.

Peacocks operates from 550 stores and concessions, including Gloucester, Cirencester and Stroud. It employs 11,000 people. Edinburgh Woollen Mill has stores in Tewkesbury and at Highfield Garden World in Whitminster.

Earlier this month, there were reports that there had been some interest in EWM Group brands from international strategic investors - including some based in China. But a source at the time said there was no suggestion of Day selling a stake in the group.