Gail's bakery chain said to be up for sale

The Gail's bakery chain is reportedly being put up for sale.

According to Sky News, entrepreneur Luke Johnson has hired bankers to prepare a sale of the bakery group, which is owned by Bread Holdings.

It was understood that Johnson - the former boss of Pizza Express and Patisserie Valerie - has appointed Nomura to oversee a review of strategic options for Bread Holdings, with a sale process expected to be launched in the next few months. The business could be valued at more than £150m, Sky said.

Bread Holdings is also the parent company of the Bread Factory, a wholesale supplier of artisan bread products.

Patisserie Holdings, the parent company of Patisserie Valerie, collapsed into administration early this year after failed rescue talks with banks. It came after the business uncovered a £94m black hole in its accounts.