Source: Sharecast
The business, which was founded in 1964 and operates from nearly 60 stores nationwide, has hired advisers to gauge interest from possible buyers, according to Sky News on Friday.
The news outlet reported that Lakeland had called in Teneo, which has contacted potential bidders in recent days – though conversations are said to be at an early stage.
Meanwhile, PwC has been appointed to advise the retailer's main lender HSBC, Sky News said.
A spokesperson told the outlet: "In response to the challenging retail environment, we are considering a number of options to ensure a sustainable and long-term capital structure, which builds on our sixty-year heritage as one of the UK's most innovative homeware retailers."
The news comes amid a flurry of job-cutting and store closure announcements across the British retail sector, which is having to contend with the upcoming tax hikes announced in the Autumn Budget, including increased employer contributions to National Insurance and increases in the minimum wage and national living wage.