All Saints for sale

British fashion chain All Saints, the clothing retailer known for its grungy chic and striking

store designs, has been put up for sale by its Icelandic shareholders in a deal that could value the chain at £140m.

The retailer has appointed Ernst & Young to advise it on the sale process.

All Saints, which as 63 stores and 47 concessions in the UK, Europe, the US and Russia, is majority-owned by Kevin Stanford, the entrepreneur. However the sale has been initiated by adminstrators to Kaupthing and Glitnir, the collapsed Icelandic banks which hold significant minority stakes.

All Saints said that the banks "are looking to exit and realise a return on their investment".