Sayers The Bakers, the north west-based bakery and café chain, which operates 116 outlets under its eponymous brand and 33 Poundbakery sites, has been placed on the market, with an asking price believed to be in excess of £10m.

The chain, which is led by chairman Sandy Birnie, is said to have appointed specialist advisor Alaris Capital to oversee the sale process, according to British Baker’s sister title M&C Report.

Founded in Liverpool in 1912, Sayers, which was once owned by Warburtons, was acquired in a management buyout from Lyndale Foods three years ago.

The management team has since restructured the business and pursued a turn-around strategy to return the business to growth, including developing Poundbakery, its value brand and retail format aimed at the “eat now” market.

The company operates bakery shops and combined bakery shop/café outlets under its eponymous brand and also owns a central bakery, which supplies all its current stores.

M&C Report said that the company plans a further roll-out of the Poundbakery format, with 50 new sites over the next 18 months, which will push the group’s entire estate up to the 200 mark.

The current management team are thought to be seeking a new owner that can provide additional senior management expertise and extra funding to support the roll-out of Poundbakery and understands the UK retail environment.

The company was ranked 10th in the BB75 2011 list, the annual authoritative tracker of companies that sell baked products, compiled by British Baker.