Sailing clothes maker Gill may hoist for-sale sign

The founder of Gill, the sailing clothing specialist, has appointed advisers to examine its strategic options, including a possible sale for up to £20m.

Nick Gill has hired Clearwater Corporate Finance to lead the review of the Nottingham-based brand that makes and sells waterproof gloves, jackets and trainers for sailors.

It is understood his preferred option is to sell a minority stake to a private equity firm to raise funds to extend Gill's presence overseas.

Founded in 1975, Gill became the official supplier to the British team in the Americas Cup five years later. Team GB, including Ben Ainslie, wore its gear when they sailed to a gold medal in the Sydney Olympics in 2000.

Gill delivered increased pre-tax profits of £1.4m, on turnover of £11.2m, over the year to 30 September. All parties declined to comment.