Carlyle Group has started a formal sale process for UK online retailer Very Group, in a deal that values the business at £2bn ($2.63bn), according to The Telegraph.
The US private equity company took control of Very last November for a nominal £1 after the Barclay family lost ownership.
Carlyle has now appointed Barclays and JP Morgan to run the auction.
PwC administrators, who were brought in last year to manage the handover of the company to Carlyle, said the sale is already in progress and is expected to take several months.
The Very Group has reportedly drawn initial interest from several potential bidders.