An online marketplace which had been considered a prime candidate to float on the London stock market has hired bankers to pursue a sale.

Sky News has learnt that Fruugo, which counts the former Marks & Spencer chairman Lord Rose of Monewden among its shareholders, is working with DC Advisory on options for its future. Fruugo, which helps consumer brands localise themselves when selling to international audiences, was founded in 2006.

An outright sale is said to be the likeliest outcome, although the sale of a minority stake is also expected to be considered. Money latest: Reaction as Bank of England holds off on rate cut Acquired by its chairman, Dominic Allonby, in 2012, it employs about 200 people.

On Thursday, the company was due to be presented with The King's Award for Enterprise (International Trade) by the Lord Lieutenant of Cumbria, where it is based. Fruugo's valuation in a potential sale is unclear, although it was expected to seek a valuation of several hundred million pounds in 2021, when it examined a London listing.

A flotation is no longer thought to be on the cards. Fruugo's platform hosts thousands of retailers and generated revenues of £65m in 2022.

Fruugo declined to comment..