Blacks Leisure confirmed it’s in talks to sell some or all of its retail operations to private equity groups.

“The Board confirms that it is in preliminary discussions with several parties regarding either a possible offer for the company or an offer to acquire certain of the company's trading activities and related assets,” the company said in a brief statement on its website.

The British outdoor specialty retailer also confirmed it had hired the corporate finance advisory firm McQueen Limited to oversee a potential bidding process.

The British newspaper The Telegraph speculated that Lion Capital, the private equity owner of AS Adventure Group, parent company to the Cotswold Outdoor chain in the UK, is a potential bidder. Lions capital was a potential suitor for Blacks in 2009.