Fashion chain All Saints 'up for sale'

High street fashion chain All Saints has been put up for sale with price tag worth a potential £140 million, it was reported today.

The retailer is said to have appointed Ernst & Young to advise it on the sale process, according to The Sunday Telegraph.

All Saints has 63 stores and 47 concessions across the UK, Europe, America and Russia.

The group - which has been expanding rapidly in recent years - is owned by retail entrepreneur Kevin Stanford, with significant minority stakes held by collapsed Icelandic banks Kaupthing and Glitnir.

It is thought that administrators of the Icelandic groups were behind the push to put All Saints up for sale to realise investments in a host of UK retail assets.

British brands owned or part-owned by failed Icelandic banks - such as House of Fraser, frozen food chain Iceland and Karen Millen owner Aurora - are also reportedly undergoing ownership overhauls ahead of possible stake sales as Iceland gears up to capitalise on the assets.

Ernst & Young is understood to have already drawn up a list of would-be investors for All Saints, with Mr Stanford expected to roll over part or all of his stake in the event of a sale.

The group was founded in 1994 and bought by Mr Stanford in 2003.

Mr Stanford also co-founded the Karen Millen chain with his ex-wife of the same name.

Neither All Saints nor Ernst & Young were available for comment.