Burton’s Biscuit Company, the manufacturer of Wagon Wheels and products for Cadbury, has been put up for sale for £350m.

The company confirmed it was on the market, following months of speculation after the company recruited Credit Suisse to look at options earlier this year.

The firm said: “We can confirm that a process for the possible sale of Burton’s Biscuit Company will shortly commence. There is no guarantee a sale will take place, and we will provide an update in due course. It is very much business as usual.”

In 2009, Burton’s lenders Apollo Management and CIBC, the Canadian bank, took control of the group in a painful debt-for-equity swap that left its previous owner Duke Street Capital nursing heavy losses.

The firm has since focused on growing its core brands and revamping its three factories in preparation for a sale.

The firm’s latest financial report for the year to 31 December 2011, published on Companies House, highlighted a net debt of £138.3m, in comparison to £127.6m in 2010, as well as 6% increase in turnover to £342m, which Burton’s said had been driven by cost price inflation, in addition to international and home trade sales.